We bought a barn on 2+ acres of land on Feb 11, 2014. We had intended to turn it into a home. After some remodeling we changed our mind and decided to sell the barn along with property on Jan 28, 2016. Should this be the sale of an investment or a home?
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Yes, you would report this transaction as an Investment Sale. Because it was never used as your personal residence, the property remained an investment.
All costs to date that have not been deducted on a tax return would be included in your basis of the property. (For instance, if you took a deduction for property taxes paid in a prior year, you would not include that cost in your basis.)
Yes, you would report this transaction as an Investment Sale. Because it was never used as your personal residence, the property remained an investment.
All costs to date that have not been deducted on a tax return would be included in your basis of the property. (For instance, if you took a deduction for property taxes paid in a prior year, you would not include that cost in your basis.)
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