Kris,
I held this property for over 1 year and since it is my only flip I thought I would benefit from LT Capital Gains treatment as an investment. Wouldn't the cost of rehabilitation, materials and sub-contractor labor plus closing, attorney fees and realtor fees all go into the cost basis for the resale?
Filing as a business would subject me to regular income tax and self employment tax, correct?
What am I missing?
Thanks
