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Updated almost 7 years ago,

User Stats

8
Posts
3
Votes
Greg Kendall
Pro Member
  • Investor
  • Gloucester, MA
3
Votes |
8
Posts

Short term vs. Long Term Capital Gains

Greg Kendall
Pro Member
  • Investor
  • Gloucester, MA
Posted

I purchased my 2 family property in March of 2017 and spent the following few months doing renovations, upgrades etc.  It wasn't until rented until Mid-August 2017.  My question is if I chose to sell the property today, will I be past the 1-year mark to be considered a long-term capital gain or is it based on when the property was put in "service" as my Tax form 4562 calls it aka rented out?

Thanks in advance!

  • Greg Kendall
  • Loading replies...