"removeps-groups[at]yahoo.com" <removeps-groups[at]yahoo.com> wrote:

- quote -

Basically you have to act like it's for investment purposes. That
means that if someone is using it, charge rent. Be sure it's properly
maintained. For example.

Stu

--
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In article <ab416ce9-3019-4b8d-8d33-05031a55a93e[at]v18g2000pro.googlegroups.com> ,
removeps-groups[at]yahoo.com <removeps-groups[at]yahoo.com> wrote:
- quote -


Some years ago there was a muppet-like TV show called Dinosaurs,

Daddy Dinosaur worked for the largest employer in the area, the
"We Say So" corporation.


We Say So works for lots of things.


But seriously, in anoher message I;'ve suggested that declaring
the mortgage interest as investment interest on schedule A, rather
than home mortgage interest, is one data point that can argue
in your favor.
--

ArtKamlet at a o l dot c o m Columbus OH K2PZH

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

In article <rICtl.18441$YU2.16508[at]nlpi066.nbdc.sbc.com> ,
Mark Bole <makbo[at]pacbell.net> wrote:
- quote -



If you filed schedule A reporting the mortgage interest as investment
interest and not as home mortgage interest, that would be in your
favor.

--

ArtKamlet at a o l dot c o m Columbus OH K2PZH

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

removeps-groups[at]yahoo.com wrote:
- quote -

Keep records which document the facts and circumstances.

-Mark Bole

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<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

On Mar 10, 2:07 pm, Harlan Lunsford <luns...[at]bellsouth.net> wrote:

- quote -

But what do you have to do to prove that you've held the property for
investment? Is there some election to make, etc?

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<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

NOSPAM[at]joinme.com wrote:
- quote -


ChEAr$,
Harlan Lunsford, EA n LA

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<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

In 2008, I bought and sold a house for investment, making a small
profit. Can I report this profit as a short-term capital gain (thus
ofsetting other losses) or must I report it as ordinary income?

Where do I report this transaction? The instructions for Form 4797
says I must use Part II: Ordinary Gains and Losses. Must I use Part
II of Form 4797 or can I report this transaction directly on Schedule
D, or can I use Part III of Form 4797?

Note: I owned this house only a few months, never put it into
service, and did not deduct depreciation.

Thank you for your help.

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >