Vacation Rental Duplex Tax deferment question
My husband and i (through our LLC) are under contract on a Beachfront lot in the pan handle of Florida. Plan is to build two townhomes connected to one another. We’re thinking about selling one immediately after building, and holding on to the other as a vacation rental and for personal use. We’re trying to figure out how to avoid the short term gain tax implication of the sale since were in the highest bracket and that will basically eat into all of our profit. Any ideas? We’ve thought of holding it for a year to avoid short term implications but were wondering if there are any other ideas out there. Thanks!