Aaron
Level 3

Hello All,

I am struggling to confirm my assumption. Any guidance is appreciated:

Facts:

Bought land two years ago.

Started building a house this fall and is completing soon.

Was going to live there but now plans to sell soon.

Clients other income is over 80k so it matters.

My assumption. Land is long term capital gain, house is short term capital gain. Allocate sale price based on initial cost basis of land and home.

Thanks in advance,

Aaron

 

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