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Updated about 9 years ago,
Am I a business or an Investor? Can I decide?
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