Updated almost 6 years ago on .
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Capital gain on sub-divided property
Hello members,
We got a house almost 10 years ago with a big lot. The house is leaning towards one side of the land, so we are currently working with the city to have the lot sub-divide, and have a new build on the other side of the lot.
My question is that if we are to sell the new house on this divided lot, will it be tax based on the short term or long term capital gain? Is it wishful thinking that since we bought the land like 10 years ago that the new house would be treated as long term capital gain?
Look forward to hear your comments or anyone who has experienced this!
Thank you!!!
VZ