Hello all,
I bought a 3 unit property in July 2015 and renovated the three units and sold them as 3 separate condo conversions in September and October 2016. The holding period on the units were more than 12 months and I was left with a profit at the end. Now my question is this:
When filing for capital gains tax this year and completing the 8949 and then Schedule D do I need to list the sales as 3 separate transactions or I can just go with the original purchase price and then deduct all costs and come up with the final profit amount from the final sale and list it in that manner. The issue I am having is that the sale of the first unit had zero profits and all the way to the end of the sale of the second unit there was still no profits. The profits kicked in once the last unit was sold. Any information on this matter would be very helpful to me. If you require any additional information please let me know.
I bought a 3 unit property in July 2015 and renovated the three units and sold them as 3 separate condo conversions in September and October 2016. The holding period on the units were more than 12 months and I was left with a profit at the end. Now my question is this:
When filing for capital gains tax this year and completing the 8949 and then Schedule D do I need to list the sales as 3 separate transactions or I can just go with the original purchase price and then deduct all costs and come up with the final profit amount from the final sale and list it in that manner. The issue I am having is that the sale of the first unit had zero profits and all the way to the end of the sale of the second unit there was still no profits. The profits kicked in once the last unit was sold. Any information on this matter would be very helpful to me. If you require any additional information please let me know.