Owned property for 7 weeks. Sold at a small profit of 3.5k after fees and taxes. How do you claim it if I even have to claim it. We were going to build but the cost of construction was way over the original quotes.
The IRS will consider this an investment. YOu will report the sale in the Investments section. Elect to start/update Stocks, Bonds, Mutual Funds, Other.
Click NO since no 1099-B was issued for this investment.
Select LAND (assuming there was no structure on this land) and go from there.
Since you owned this property less than a year, you will pay the higher short term capital gains rate on any gain realized. With only a few thousand dollars of gain, it won't be much really.