We have a house purchased in 2005. We've never lived in the house, but
our wife's parents lived in it for a while. After the parents moved
out in 2007 we decided to remodel the place and eventually sell it.
Since the property is not our home and not a rental there are few
examples about our tax situation.
We have sold the house and are unsure how to treat the gain/loss and
how to treat remodel expenses. Should we use schedule E for real
estate related expenses? Or do we just treat this as a capital asset
and use Schedule D, figuring the gain/loss from our basis and sales
- posted 9 years ago