Type Of Tax
i bought a vacant lot in may 2001. In year 2002 i constructed a house as owner builder and worked myself in the project. i sold the house in july 2003. am i correct assuming that the profit is long term capital gain? thanks for your help. robert. :)
Comments(0)
When did you finish the house?
i finish the house in december 2002.
thaks.
You may want to get a determination from the IRS.
In my layman's opinion, the land is a long term capital gain. The improvement (house) is a short term capital gain.