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. smile

Comments(3)

  • DaveT14th August, 2003

    When did you finish the house?

  • betote14th August, 2003

    i finish the house in december 2002.
    thaks.

  • DaveT15th August, 2003

    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.

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