I sold an SFH (Single Family House) owned by my LLC (Single member, Disregarded Entity; NO other income/activity in that LLC) in 2016, for a Gain$. The house was purchased more than a year ago (for repairing and renting out purposes, but never got around to repairing it). In essence, the house was flipped for a gain.
So, If a single-member LLC owns a property for more than a year and then sells it, are the profits deemed "business income" or "capital gains"?
