Hello,
I have purchased a defaulted home as an investment property. I have renoveted the home & now I am planning to sell it. I never used that home for my residence purpose. I know that property held for more than one year will be taxed as long term property.
I want to know, how the holding period is counted? I mean does it starts from date I purchased the tome or I completed the renovation of home?
Thanks in advance.
2007-05-18 04:58:16 · 3 answers · asked by vandana r 1 in Business & Finance ➔ Taxes ➔ United States
It starts from the date you purchased the home. Good Luck on selling in this market. Our investment property has been on the market since January. It's really frustrating.
2007-05-18 05:05:39 · answer #1 · answered by ? 4 · 0⤊ 0⤋
From closing date to closing date. It must be at least one year and one day to qualify as a long-term gain.
2007-05-18 12:06:07 · answer #2 · answered by Bostonian In MO 7 · 1⤊ 0⤋
It's your time of ownership, so starts the day you closed on the purchase, ends the day you close on the sale.
2007-05-18 14:42:16 · answer #3 · answered by Judy 7 · 0⤊ 0⤋