Question about "FLIP" house bought in 2017 and sold in 2020
A few questions.
I have a property bought in 2017 as a renovate and resell property.. I never rented it or lived in it.. Sold it in 2020.. Owned 1 year 10 months.
1. would RE property taxes Paid in 2019 be deducted in 2019 tax year? or deducted/added to basis in the year of the sale in 2020? What about HOA payments? I assume they are treated the same as Taxes..
2. I'm assuming this would be taxes at long term capital gains rate as opposed to ordinary income rate? ( I'm don't do this for a living) only flip 1 property every year or two.
3. I'm also assuming since this is not a rental property I would not depreciate this property.. Correct?
Thanks
Justin