Tax Advice: Building a home but need to sell due to job & health

[Zach Helms]

Purchased a lot and have been building a home for my family for over a year. I relocated jobs to be closer to the new location (2.5hrs away from previous location; St. Louis to Camdenton, MO). Home is getting closer to completion but since then my wife had some medical concerns and we had to relocate back to our original city of St. Louis to be closer to her specialists; and I have also relocated jobs back to the St. Louis area.

We intended to live in this home as evidence by relocating jobs, selling home in St. Louis, and moving to Camdenton while building this home. My question is how can I tax shelter myself? Are there any ways to claim this profit as capital gains vs income tax?

We will have about $430,000 into the home and it should sell for $500,000-$550,000; looking at a profit of $70,000-$120,000.

My CPA told me in his eyes this is a Spec home and will be taxed as normal income. Any way to shift this to Capital Gain to lessen the tax I pay? Thanks

[John Teachout]

I didn't know that. Thanks for the education.