Capital gains - improving an asset

[Rory Korpela]

Hi folks,

I've recently bought a couple of lots and will be building spec homes on them. My main concern is when long term capital gains kick in. We closed on the lots on 3/15/19. If we aim for a sale next spring, after 3/15/20, are we now paying long term capital gains on the project or is it one year from when the home is built? What other considerations might I be missing?