[Vandana]

Hello,

I have purchased a defaulted home as an investment property. I have renovated the home & now I am planning to sell it. I never used that home for my residence purpose. I know that property held for more than one year will be taxed as long term property.

I want to know, how the holding period is counted? I mean does it starts from date I purchased the tome or I completed the renovation of home?

Thanks in advance.

[ebaines]

From IRS Pub 550:

To determine how long you held the investment property, begin counting on the date after the day you acquired the property. The day you disposed of the property is part of your holding period.

[Vandana]

Thanks.

[AtlantaTaxExpert]

Ebaines has covered all pertinent points.