Tax on new build sale?

[Al Brennan]

Hi all,

I just joined and hope I am posting in the correct forum.

I plan on buying a one acre lot near where I live to build a house on and then to sell it when it`s completed. My question is will I be taxed heavily on this? I`ve heard some say that I have to live in it for a year otherwise I`ll be taxed at a higher than normal rate.

My goal is to build and sell and repeat until I`m a squillionaire :)

I just moved here from Ireland and am a complete beginner to real estate and tax law here.