taxu2
Level 5

TP advised he bought 1 home last year and is selling this spring. He purchased 5 other homes this year and plans to rent those. He currently does not have any solid plans to buy and sell but if he finds a good deal he may buy and sell a house or 2 a year. Should I report the rental on Sch E and do the sale of home on Sch D short term capital gain?