Capital gains with intention to rent?
Hello BP,
So here is my situation:
I bought a REO in January 2019 with the intention of renting it out for a little over a year and then selling it. Long story short, my tenants only lasted from February till June and then bailed on me. If I sell the house in 2019, will I pay capital gains tax or will the proceeds be treated like regular (W2) income? My CPA is telling me that it will treated as short-term capital gains but I'm wanting to get a second opinion.
Thanks for looking and contributing!