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Updated almost 12 years ago,
Tax guy is saying I can't claim a property I held more than a year as capital gains
Instead he is saying I need to claim it has self employment income since it was not a "one time only situation". This is a fix and flip that I loaned money to. I have performed 3 other fix and flips and am continuing to do them.
What have you done or what would you do? Would you claim it as a capital gain or not? Why?
Thank you for any help you can give.