Updated almost 5 years ago on .
8 year old construction..
Hello,
In 2008 we bought a house as our primary residence. We planned to do extensive remodel/rebuilt, but ended up doing a new construction. It took us a few years to collect the money for the construction, and for the design and plans. Then construction started 8 years ago and in the last finishes. ( I took this long because husband decided to self build, self fund, and started adding too much detailed work that slowed down construction, he basically was building for himself, his forever home.) But things in life changed, and we moved to North Carolina. When he finishes that home (hoping this year) we will need to sell it. Will this be considered as an investment property by the IRS? If so, then CGT will be at 15 or 25%? Also, can we do 1031?