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Sharon
New Member

How should I apply expenses, taxes and sold 2 properties - one purchase and sale was with my sister, rented 1 property, and I am a renter all year?

Home 1 - rental in MD, I own, purchased in 2020, reported rent income in previous year; home 2 in NC - condo in charlotte purchased in 2023, sold in 2024 slight profit, child lived there, I stayed when traveling; home 3 in NC - investment, unlivable, no rehab work done, maintained insurance and yard, purchased in 2023 with my sister, sold in 2024, no profit, loss; I am a renter, I rent an apartment all year that I use a portion for work office; Are these all investments or is it better to list one as a 2nd home? which is proper and will allow a higher return or deductions or write offs? Is there a threshold for requiring to report?
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