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4797 or Schedule D

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    #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.

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    #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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