You'll need to sign in or create an account to connect with an expert.
Unless you are a dealer in real property, profits from the sale of real property are taxed as capital gains (long-term if you have held the property for more a year).
Please read this article for more information:
http://www.snydercohn.com/2012/09/is-it-capital-gain-or-ordinary-income/
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
OverTaxedInIN
New Member
CHL
Level 2
CHL
Level 2
Frustrated8701
Level 1
alsn
Level 4
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.