Investment Property

[S T]

Taxpayer has owned a home in Arizona since June 2005. Property was never rented and not used as a 2nd home, and he has been attempting to sell it since 2006, so it be Investment Property.

Taxpayer sold the property in 2008. Investment property sale is reported on Schedule D? Is that correct?

Sandy

[JG EA]

Just a thought.

Would the attempt to sell it make it seem more like a second home (personal) or more like investment property? I think it may depend on how long it was held for investment and intent.

[Burke]

If neither he nor a related party ever lived in the home, it sounds like investment property to me. It would go on Sche D either way -- personal or investment. I gather you are asking because there is a loss involved?

[S T]

Investment Property

Thanks JG and Burke,

JG, yes intent was always investment property, they just didn't plan to hold this long due to the market down turn.

Burke, thanks for confirmation on Schedule D, yes there is a loss.

FYI the taxpayer or family never lived in the property, or had any intention of living in property. it was in another State,

Thanks,

Sandy