Property has been solely held for investment.
2006-10-29 08:35:01 · 4 answers · asked by Jessica E 1 in Business & Finance ➔ Taxes ➔ United States
Excellent question. We just went over this in my tax class. All real property used in a trade or business is not a capital asset. Real property is land and buildings.
However, your use is INVESTMENT, not BUSINESS. In that case, it is, indeed, a capital asset.
2006-10-29 13:11:45 · answer #1 · answered by TaxMan 5 · 0⤊ 0⤋
If you own the property it is an asset. The balance you may owe on a mortgage is a debt. The equity between the appraised value and the balance of the mortgage is then your capital asset.
2006-10-29 16:53:42 · answer #2 · answered by Great Tax Info 2 · 0⤊ 0⤋
Maybe - check with your tax expert/accountant
2006-10-29 16:37:25 · answer #3 · answered by Smilin' Fred 4 · 0⤊ 0⤋
of course it is....ask uncle sam when he taxes you on it!
2006-10-29 16:37:12 · answer #4 · answered by Anonymous · 0⤊ 0⤋