Re: Holding Investment property more than one year
PaulaM
Employee Tax Expert

Investing

Yep, you are on the right path.

 

If you are in the business of flipping houses, then you report all income on a schedule C as business income. If you are not in the business of flipping houses, then you report as a sale of a capital asset (long term in your case) in the Investment section.

 

Add all of your rehabbing and carrying costs incurred to the property basis. 

 

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