Ordinary business income vs. long term cap gain on K1
Hello All,
I just got back my K1 from the accountant on a property that I purchased in 3/2013, rented out and then sold in 6/2014. The K1 has all of the profit listed on line 1 as ordinary business income and does not seem to reflect long term cap gain tax benefits. Can anyone tell if this profit should have been reported somewhere else to acquire the 15% cap rate tax rate for this money? Thanks in advance!