topic If an LLC owns a real property for 2 years and then sells it, are the profits deemed &quot;business income&quot; or &quot;capital gains&quot;? in Business & farm https://ttlc.intuit.com/community/business-taxes/discussion/if-an-llc-owns-a-real-property-for-2-years-and-then-sells-it-are-the-profits-deemed-business-income/01/406172#M15240 I sold an SFH (Single Family House) owned by my LLC (Single member, Disregarded Entity; NO other income/activity in that LLC) in 2016, for a Gain$. The house was purchased more than a year ago (for repairing and renting out purposes, but never got around to repairing it). In essence, the house was flipped for a gain.<BR /><BR />So, If a single-member LLC owns a property for more than a year and then sells it, are the profits deemed "business income" or "capital gains"? Tue, 04 Jun 2019 20:17:49 GMT jessies-friend 2019-06-04T20:17:49Z If an LLC owns a real property for 2 years and then sells it, are the profits deemed "business income" or "capital gains"? https://ttlc.intuit.com/community/business-taxes/discussion/if-an-llc-owns-a-real-property-for-2-years-and-then-sells-it-are-the-profits-deemed-business-income/01/406172#M15240 I sold an SFH (Single Family House) owned by my LLC (Single member, Disregarded Entity; NO other income/activity in that LLC) in 2016, for a Gain$. The house was purchased more than a year ago (for repairing and renting out purposes, but never got around to repairing it). In essence, the house was flipped for a gain.<BR /><BR />So, If a single-member LLC owns a property for more than a year and then sells it, are the profits deemed "business income" or "capital gains"? Tue, 04 Jun 2019 20:17:49 GMT https://ttlc.intuit.com/community/business-taxes/discussion/if-an-llc-owns-a-real-property-for-2-years-and-then-sells-it-are-the-profits-deemed-business-income/01/406172#M15240 jessies-friend 2019-06-04T20:17:49Z Unless you are a dealer in real property, profits from th... https://ttlc.intuit.com/community/business-taxes/discussion/unless-you-are-a-dealer-in-real-property-profits-from-th/01/406180#M15241 <P>Unless you are a dealer in real property, profits from the sale of real property are taxed as <U>capital gains </U>(long-term if you have held the property for more a year).</P><P>Please read this article for more information:</P><P> <A href="http://www.snydercohn.com/2012/09/is-it-capital-gain-or-ordinary-income/" rel="nofollow" target="_blank">http://www.snydercohn.com/2012/09/is-it-capital-gain-or-ordinary-income/</A> <BR /> </P><BR /> Tue, 04 Jun 2019 20:17:51 GMT https://ttlc.intuit.com/community/business-taxes/discussion/unless-you-are-a-dealer-in-real-property-profits-from-th/01/406180#M15241 MinhT 2019-06-04T20:17:51Z Thank you, TurboTaxMinhT, for your prompt response. I con... https://ttlc.intuit.com/community/business-taxes/discussion/thank-you-turbotaxminht-for-your-prompt-response-i-con/01/406188#M15242 Thank you, TurboTaxMinhT, for your prompt response. I concur. However, Can I "elect" to report it as 'Biz. Income' rather than Cap. Gains (I have my own reasons to elect to do so)? If so, how do I do it in TurboTax? TurboTax currently sees this as Cap Gains; which is, in accordance with the Answer. Thanks. Tue, 04 Jun 2019 20:17:52 GMT https://ttlc.intuit.com/community/business-taxes/discussion/thank-you-turbotaxminht-for-your-prompt-response-i-con/01/406188#M15242 jessies-friend 2019-06-04T20:17:52Z This is not an election. If you bought the property with... https://ttlc.intuit.com/community/business-taxes/discussion/this-is-not-an-election-if-you-bought-the-property-with/01/406196#M15243 This is not an election. If you bought the property with the intent to resell it at a profit, then the gain is taxed as ordinary income (like real estate dealers do). Tue, 04 Jun 2019 20:17:54 GMT https://ttlc.intuit.com/community/business-taxes/discussion/this-is-not-an-election-if-you-bought-the-property-with/01/406196#M15243 MinhT 2019-06-04T20:17:54Z
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topic If an LLC owns a real property for 2 years and then sells it, are the profits deemed &quot;business income&quot; or &quot;capital gains&quot;? in Business & farm
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I sold an SFH (Single Family House) owned by my LLC (Single member, Disregarded Entity; NO other income/activity in that LLC) in 2016, for a Gain$. The house was purchased more than a year ago (for repairing and renting out purposes, but never got around to repairing it). In essence, the house was flipped for a gain.<BR /><BR />So, If a single-member LLC owns a property for more than a year and then sells it, are the profits deemed "business income" or "capital gains"?
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If an LLC owns a real property for 2 years and then sells it, are the profits deemed "business income" or "capital gains"?
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https://ttlc.intuit.com/community/business-taxes/discussion/if-an-llc-owns-a-real-property-for-2-years-and-then-sells-it-are-the-profits-deemed-business-income/01/406172#M15240
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I sold an SFH (Single Family House) owned by my LLC (Single member, Disregarded Entity; NO other income/activity in that LLC) in 2016, for a Gain$. The house was purchased more than a year ago (for repairing and renting out purposes, but never got around to repairing it). In essence, the house was flipped for a gain.<BR /><BR />So, If a single-member LLC owns a property for more than a year and then sells it, are the profits deemed "business income" or "capital gains"?
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Unless you are a dealer in real property, profits from th...
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https://ttlc.intuit.com/community/business-taxes/discussion/unless-you-are-a-dealer-in-real-property-profits-from-th/01/406180#M15241
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<P>Unless you are a dealer in real property, profits from the sale of real property are taxed as <U>capital gains </U>(long-term if you have held the property for more a year).</P><P>Please read this article for more information:</P><P> <A href="http://www.snydercohn.com/2012/09/is-it-capital-gain-or-ordinary-income/" rel="nofollow" target="_blank">http://www.snydercohn.com/2012/09/is-it-capital-gain-or-ordinary-income/</A> <BR /> </P><BR />
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<pubDate>Tue, 04 Jun 2019 20:17:51 GMT</pubDate>
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Thank you, TurboTaxMinhT, for your prompt response. I con...
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https://ttlc.intuit.com/community/business-taxes/discussion/thank-you-turbotaxminht-for-your-prompt-response-i-con/01/406188#M15242
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Thank you, TurboTaxMinhT, for your prompt response. I concur. However, Can I "elect" to report it as 'Biz. Income' rather than Cap. Gains (I have my own reasons to elect to do so)? If so, how do I do it in TurboTax? TurboTax currently sees this as Cap Gains; which is, in accordance with the Answer. Thanks.
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https://ttlc.intuit.com/community/business-taxes/discussion/thank-you-turbotaxminht-for-your-prompt-response-i-con/01/406188#M15242
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<dc:creator>jessies-friend</dc:creator>
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This is not an election. If you bought the property with...
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https://ttlc.intuit.com/community/business-taxes/discussion/this-is-not-an-election-if-you-bought-the-property-with/01/406196#M15243
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This is not an election. If you bought the property with the intent to resell it at a profit, then the gain is taxed as ordinary income (like real estate dealers do).
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