This home was purchased as a fixer and sold to son once repaired. It was never lived in during repair period or rented.
Your second residence (such as a vacation home) is considered a capital asset. Use Schedule D (Form 1040), Capital Gains and Losses and Form 8949, Sales and Other Dispositions of Capital Assets to report sales, exchanges, and other dispositions of capital assets.
Installment sales is not necessary because this transaction is between related parties, plus the sale of your second home is not taxable unless the profit if married filing joint is $500,000.00 or $250,000.00 if single.
Yes, this is an Installment Sale. I don't know what you mean by adding the sales info under "Other". Just include in on the Form 6252.
What I mean by adding the sale info under Stocks, Mutual Funds and Other. Under the Other in this catagory in investment income it takes one thru the sale detail. Should I remove the information there if I use the Installment sales?
Your second residence (such as a vacation home) is considered a capital asset. Use Schedule D (Form 1040), Capital Gains and Losses and Form 8949, Sales and Other Dispositions of Capital Assets to report sales, exchanges, and other dispositions of capital assets.
Installment sales is not necessary because this transaction is between related parties, plus the sale of your second home is not taxable unless the profit if married filing joint is $500,000.00 or $250,000.00 if single.