Updated almost 4 years ago on . Most recent reply
Do i pay long term Capital gains or short term
If i buy land and start building 12 months after i perchase the land and sell land with new property for a profit do i pay long term capital gains or short term ?
Most Popular Reply
If you're building to sell then neither, you are creating business inventory for sale. The profit would be taxed not as capital gains but as ordinary income.