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Some of my income is capital gains while I have a small business loss. Can I refinance?

Or should my capital gains have been income?
  • January 16 2009 - Knoxville
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Answers (5)

Rich,

If you have a history of building, selling, and a capital gain.  It should not be a problem.
  • January 19 2009
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Profile picture for RichFish1
I am a builder and I'll have capital gains from building for two years. I suppose my business loss is directly a result of that income being capital gains. Should I amend my return to show it as income? My accountant said it should be capital gains.

  • January 19 2009
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is it continuous? or a one time gain?  Call me if you have any questions. You can click on my picture for details
  • January 18 2009
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Depends on the source of the capital gains and the likely hood of it continueing.  It i sunusual for someone to have recuring capital gains but it does happen.  A contractor that buys fixes up and sells property is an example of how capital gains could continue.
  • January 17 2009
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Good Morning!

No your capital gains will not be considered income because that was a one time thing.  That is not continous income that you have.  As for the small business loss that maybe offset if you have any depreciation expense that can be added back in.  If you are strictly self employed though and have no other source of income and you are showing a business loss it will be hard to get you approved.  Unless, you showed a profit in previous years.

If you have any other questions please feel free to contact me.

Thank you!
  • January 17 2009
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