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Income and deductable expenses
Sent to General Experts September 22 03:17 PM

Lets say that I have a piece of Land, in which I build a home, from ground on up, Brand new. Then I sell the home for profit.
1. The income made on the sale of the home is taxable?
2. Can the expenses incurred in building the home, are they deductable?

I did not hold the piece of land for more than 2 yrs.

 

Customer (name blocked for privacy)
Status:  Closed   Value: $8
Info Request
September 22 3:33 PM (15 minutes and 57 seconds later)
         

Did you hold the land more than a year?

Did the time between starting building and sale more than a year?

Are you in real estate business?

Did you live in the property before selling? If so - what is the reason for sale?



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