Sell vacant land.
- From: "Epirules" <sean.firth@xxxxxxxxxxxxx>
- Date: 14 Sep 2006 10:29:57 -0700
(I also posted this on the moderated tax group too)
We bought a lot this past spring from my wife's mom, where
upon we had planned to build our home. We sold our old home
in the Summer of 2005, lived with my wife's mom for the past
year while we had the house designed, site plan done, and
applied for the building permit. From the beginning of the
process to present (construction was to start in August),
the cost to build went up $150,000 more than we could afford
to build, and for which the banks would qualify us.
We gave up on the build, and bought an existing home just a
couple of weeks ago. A builder friend of ours said that
selling our lot with the building approvals and site plan
approval, really enhances our position as a seller. He
recommended we sell it.
Since the actual lot wasn't our primary home for the past
year, yet it was intended to be such, can we take the
proceeds from the sell of the lot and roll it into the home
we just purchased (and potentially buy some property from
our neighbor to increase our yard size).
If the answer to above is no, we are subject to capital
gains, what rate would we be taxed at?
Thanks,
Sean
.
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