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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.
‎August 30, 2019
9:18 AM