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Updated almost 4 years ago on .

User Stats

2,434
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1,874
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Michael Plante
  • Deland, FL
1,874
Votes |
2,434
Posts

Calling all accountants

Michael Plante
  • Deland, FL
Posted

Ok I am in between a battle of 2 accountants for my tax return for 2020

one is telling me 100% the IRS will see me as a dealer and all profits will be taxed as regular income including the 15.x self employment tax 

The other says NO I’m an investor and should pay under long term capital gains because I have owned all the land for over a year 

I have 5 mobile homes purchased in my name no LLC NO S CORP NADA on land I am selling this year

4  were purchased 2 + years ago 

1 purchased 3 months before I am selling it 

2 were rented out part of 2020 but NOT before that    The other 3 were never rented out  sat vacant for 3 years while I fixed them up 

3 were really bad condition/unlivable and I fixed them up.  

2 I actually had moved onto vacant land   I owned the vacant land for 3 years   The houses themselves  I bought a little over a year ago 

Profit on each average 80k

I believe they are BOTH wrong 


what say you?