Tax Defered Income

[TAX SURGEON]

I was looking for an IRS ruleing if any on the selling of real propery and the gains on it for 2010. I have a client that sold a property that he had held for several years . He is in the real estate business Thanks for any help

JIm

[Burke]

There is not enough information to give a clear-cut answer. You need to research the rules for real estate professionals and property held for resale. Also, there may be some application under IRC 1237 which is too involved to go into here. It could be treated as ordinary income or capital gains (or a combination of the two) depending on the circumstances in your case.