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Submitted 331 days ago...

tonka2

New User (1)

Property sale

I am selling my home that is still under construction to a buyer who wants to finish it out his way. I own it free and clear. No liens, no debts. My question is. . . when I sell it to him he plans to pay me "cash", will I have to pay any taxes or do I get all of the selling price to invest as I please?
Do I have to file any forms?

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Answer 1 / 2

Submitted 324 days ago...

primetime001

Expert (962)

Yes you have to pay taxes on it.

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Answer 2 / 2

Submitted 324 days ago...

Jodi-Mesa

Brain (2,795)

If you sold it for a profit you will have to claim capital gains on it since you did not live there for 2 years as the IRS stipulates on a Schedule D form.

http://www.irs.gov/pub/irs-pdf/p17.pdf

See under Part 3, starting on page 93.

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