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Updated about 9 years ago,

User Stats

49
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0
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Summer Segeleon
  • Titusville, PA
0
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49
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Am I a business or an Investor? Can I decide?

Summer Segeleon
  • Titusville, PA
Posted

Doing my own taxes this year (hopefully), as I usually do. I have only one property sale to claim. Can I decide on my own whether or not I'm a business or an investor? 

* Purchased in 2014, sold in 2015 for a profit. Owned less than 1 year. This was my first investment property purchased

* Never lived there. purchased with intent to sell

*Now own one another property that is under renovation

It seems easier to simply call it a business, deduct the expenses, and pay whatever i must, rather than deal with depreciating things. Is there a reason why this isn't advisable , other than the percentage that I'll end up paying

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