BobKamman
Level 15
03-09-2020
06:53 PM
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Those are all good questions but I'm left wondering how long the taxpayer owned the house. Five weeks, five months or five years?
The choice between Schedules C and D shouldn't depend on length of ownership, but at least if it's less than a year you don't have to worry about lower capital-gain rates.
Schedule C is also useful when losing more than $3,000 on these deals, which many money-pit investors find themselves falling into eventually.