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Level 2
March 28, 2026
Question

Ohio Source income reported by Texas resident

  • March 28, 2026
  • 0 replies
  • 1 view

Texas client sold soybeans gifted to him over a year ago by parents who farm in Ohio.  He wanted to play the market so his parents stored the beans for him.  He sells the beans (stored > 1 yr).  Trying to determine if this ordinary or long term capital gain.  He is not a farmer.

Thoughts?