Long term capital gain on a leased resort property that I never really owned. No paperwork exists on the sale, I never knew it existed as a saleable item.
You'll need to sign in or create an account to connect with an expert.
either you owned it or you did not. we have no way of determining your true situation. Perhaps discuss with a real estate attorney since ownership is not really a tax question.
If you received money for your 'lease' of the resort property then you have a capital taxable transaction. This would be reported as an investment sale and depending on the holding period you would have a long or short term gain.
To enter your sale in TurboTax, follow these steps. Click this link for more information. Where do I enter Investment Sales?
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
Sym1
New Member
WA7GWX70
New Member
tdimartini
New Member
coachdwi
New Member
WinstonTM
Level 1