Second Home Purchase

Forum|Forum|6 years ago
February 21, 2020
1 reply
0 views

We purchased an investment home in January 2019 and sold it in December 2019. How am I to proceed with reporting this on my taxes. I was told that it would be considered as income because we owned it for less then one year. We did not live in the house and or rent it out.

I am looking for advise as to now to move forward with my tax prep.

LudwigVan_fan

Employee

Yes, any gain on the sale of this home would be taxed as short term capital gain. Since you didn't live in it or rent it out, there shouldn't be any complicating factors from that. Here is a link to Pub 550, Investment Income and Expenses.

https://www.irs.gov/pub/irs-pdf/p550.pdf

**Disclaimer: Effort has been made to offer correct information; but due to the discussion forum limitations, the poster disclaims any legal responsibility for the accuracy of the poster's response**