Posted by John K. Haslach, CPA, MST on March 02, 2005 at 04:06:31:
Sure. But he didn’t say anything about it being inventory. Then way he wrote it, it seemed to me it was his only flip.
Capital Gains after flip… - Posted by Alex
Posted by Alex on February 28, 2005 at 21:49:03:
I’m a new REI lookin’ at my first rehab in NYC.
I’m now raking together the funds needed but I have a question regarding the dreaded Cap Gains issue.
If I found it…rehabbed it…& now retailing it, since 1031 is out the window when I retail it, What other options exist to keep that piece of the pie…please tell me something exists.
Thanks,
Alex
Re: Capital Gains after flip… - Posted by John K Haslach, CPA, MST
Posted by John K Haslach, CPA, MST on March 01, 2005 at 13:32:24:
Another approach would be to show it as a capital gain (ST or LT) on Sch D. Depending on your comfort level.
Re: Capital Gains after flip… - Posted by Tom-FL
Posted by Tom-FL on February 28, 2005 at 23:34:24:
No capital gains there. It’s all schedule C. Fed income tax on your bracket plus SE tax up to the cap.
Re: Capital Gains after flip… - Posted by Tom-FL
Posted by Tom-FL on March 01, 2005 at 19:35:51:
If it’s inventory held for sale, doesn’t that nix the capital gain treatment?