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oyermic
Level 1

short turnaround property sale

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.

2 Replies
Carl
Level 15

short turnaround property sale

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 YES

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.

 

oyermic
Level 1

short turnaround property sale

Thank you greatly.  So much is dedicated to rentals and home sales I could not find the correct area to report the profit.

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