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Old 07-28-2015, 12:55 PM
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Join Date: Jul 2015
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Cool Taxable Event

HELLO,

I HAVE A CLIENT (WHO'S HIS BUYING GOLD FROM CUSTOMERS) THAT ENTERED IN A VERBAL JOINT-VENTURE AGREEMENT TO ACQUIRE SOME MANHATTAN NY REAL ESTATE AROUND JULY 2013. HE FAILED TO GET HIS OWN MORTGAGE SO HE FORWARDED TO HIS OTHER ASSOCIATE $450K TO ACQUIRE THE PROPERTY. HIS ASSOCIATE USED HIS OWN COMPANY TO ACQUIRE THE PROPERTY AND MY CLIENT'S NAME HAS NOT TRACE AND IS NOT IN THE CLOSING PAPERWORK. IN SEPT 2014, MY CLIENT COMMUNICATES THAT HE WANTS OUT OF JOINT-VENTURE AS HE PURSUING TO PURCHASE ANOTHER PROPERTY. MY CLIENT RECEIVES $500K FROM LEAVING THE JOINT-VENTURE. AS MY CLIENT'S ASSOCIATE USED ONLY HIS COMPANY IN ACQUIRING THE PROPERTY, DOES MY CLIENT HAVE TO REPORT A $50k CAPITAL GAIN. IF SO, JOINT VENTURE ARE USUALLY SHORT-TERM BUT SHOULD THIS BE LONG TERM AS THE TIME WINDOW WAS 14 MONTHS?

PLEASE STAY IN TOUCH TAX GURU.



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