Posted by Natalie-VA on August 10, 2005 at 08:00:12:
John,
If you are buying this property and reselling for profit, it may very well be considered a dealer transaction. Just pay your taxes and be happy for your success.
–Natalie
NEED ADVICE ON INVESTMENT FINANCING - Posted by JOHN
Posted by JOHN on August 07, 2005 at 18:36:24:
SITUATION: CURRENTLY PREPARED/ABOUT TO CLOSE A PURCHASED CONTRACT FOR AN INVESTMENT PROPERTY.FINANCED 100% UNDER INVESTMENT LOAN. CURRENTLY I RENT. I WILL BE PURCHASING PRIMARY PROPERTY SOON.I DIDNT WANT TO GET A PRIMARY LOAN OR 2ND HOME(SAME AREA IT DOESNT QUALIFY) DUE TO QUICK RESELL.I DIDNT WANT TO RAISE A RED FLAG FOR PRIMARY PRORERTY LOAN. IS THIS GOING TO COST ME IN THE END? I.E. TAXES OR LOOKING LIKE A DEALER STATUS. ANY ADVICE HELPFUL. THANKS JOHN