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January 29, 2025
Question

Capital gain

  • January 29, 2025
  • 2 replies
  • 0 views

Long term capital gain on a leased resort property that I never really owned. No paperwork exists on the sale, I never knew it existed as a saleable item.

    2 replies

    January 29, 2025

    either you owned it or you did not. we have no way of determining your true situation. Perhaps discuss with a real estate attorney since ownership is not really a tax question. 

    January 29, 2025

    If you received money for your 'lease' of the resort property then you have a capital taxable transaction.  This would be reported as an investment sale and depending on the holding period you would have a long or short term gain.

    1. Long term: held more than one year (one year plus one day)
    2. Short term: held one year or less

    To enter your sale in TurboTax, follow these steps. Click this link for more information. Where do I enter Investment Sales?

    1. Open or continue your return.
    2. Navigate to the investment sales section:
      • TurboTax Online/Mobile: Go to investment sales. If using this application, make sure it is open
      • TurboTax Desktop: Search for investment sales and then select the Jump to link. 
        • Or Personal Tab > Continue > I'll choose what I work on > Scroll to Investment Income > Select Stocks, Cryptocurrency, Mutual Funds, Bonds, Other
    3. Answer Yes to the question Did you sell any of these investments in 2024? (or Okay! to Time to kickoff your investments!).
      • If you land on  the Investment sales summary or Your investments and savings screen, select Add More Sales or Add investments.

    @airsafe1 

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