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Updated almost 12 years ago on . Most recent reply

Matthew Hicks's profile image
Matthew Hicks's profile image
Matthew Hicks
  • Investor
  • from Pittsburgh, Pennsylvania
  • Member since Feb 20, 2013
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Matthew Hicks's profile image
Matthew Hicks's profile image
Matthew Hicks
  • Investor
  • from Pittsburgh, Pennsylvania
  • Member since Feb 20, 2013
Connect
Matthew Hicks
  • Investor
  • Pittsburgh, PA
7
Votes |
56
Posts
Tax, SDIRAs & Cost Segregation

Question on capital gains treatment

Matthew Hicks
  • Investor
  • Pittsburgh, PA
Posted

Hi everyone. I have a home that I purchased in 2010 for 25k. I'm just now renovating it and it will be finished in a month. If I sell it in 2013, will it qualify for short or long term capital gains? I've owned the property for over a year but most of the capital expenditures are just now happening.

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Jon Holdman
  • Rental Property Investor
  • Mercer Island, WA
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Jon Holdman
  • Rental Property Investor
  • Mercer Island, WA
ModeratorReplied

Sorry, Steven, this sounds just like one of several fix and flips. Ordinary income. But Matthew, you and your CPA should discuss and agree on how to handle it. It's the two of you that have to defend it to the IRS.

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