Taxes On Selling New Construction?

I had a property that I built a new home on (scraped the old existing home) and sold for profit. I held this property for over a year and was wondering if I should pay ordinary income tax on the profit or capital gains?

Comments(2)

  • NewKidInTown37th February, 2006

    What was your exit strategy for the property when you bought it?

  • NewKidInTown37th February, 2006

    Sorry, no. Your sale is taxable at your ordinary income tax rate.

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