4797 or Schedule D

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  • quicksam
    Member
    • Jan 2007
    • 74
    #1

    4797 or Schedule D

    Client bought house for investment and then sold within less than a year. She had a profit of about $5900. Does this type of income need to be reported on 4797 or schedule D.

    Thanks
    Tags: None
    • Roland Slugg
      Senior Member
      • Aug 2006
      • 1860
      #2
      Schedule D

      If the house was never rented out or used in a business and wasn't depreciated, report the sale on Schedule D as a short-term capital gain.
      Roland Slugg
      "I do what I can."

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