Looking for Tax Advice - Spec Home

[Brad Holub]

I am looking for a real estate tax professional/strategist. 

Back story: I entered into a 50/50 contract with a builder where we split the proceeds from the build and sale of a home 50-50.

I bought a plot of land and used a construction loan to cover the costs. Now, we are close to selling and I am trying to figure out the best way to approach the taxes on it. From my research it sounds like people are split between thinking it is Ordinary Income vs. Capital Gain. Some have suggested a 1031, but I doubt that is possible. Ultimately, I have a few ideas, but I need some expert advice!