Tax Question - Building and Selling New Construction

[Daniil Grinchak]

Hi All,

I am looking for an experienced tax CPA in Charlotte, NC area. I have questions around taxes for new construction that I will be selling soon. I have searched through BP but still not confident on what I need to do so looking for local advice from CPA. 

I started to build new homes and planning to sell them and not hold them for long term. Looking for a proper way to reinvest funds into the next project. I have been told that there are way to reinvest into next project with out being taxed on the profit but looking for advice. 

If you know anyone and can recommend please let me know. 

Thank you in advance. 

[Linda Weygant]

Originally posted by @Sandor Bogdan:

If you wait for a year it is considered long term capital gain and you only pay 15% taxes. You really need to get an experienced CPA though.

 Please stop telling people this.  Flipping or building new homes is not capital gains.  I am on a crusade to stop people from spreading information that you can somehow convert a flip or a new build to capital gain.  The only way to do that is to convert it to a rental before you sell.

The IRS does not care if you buy bread and lunch meat and sell sandwiches or build or improve a house.  It's the same business model.