neitzeljr
New Member

Investors & landlords

First, thank you for your quick and helpful reply!  Second, so if I just kept the property after (never sold) and just disposed of it when finished for no financial gain nothing would happen.  However, if I say sell a couch or something for $500 I would have to report that $500 on my taxes as "ordinary income" and pay my income tax bracket amount on that "gain", not the capital gains tax rate.