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Updated over 8 years ago,

User Stats

30
Posts
9
Votes
Nick Holty
  • Real Estate Agent
  • Roseville MN
9
Votes |
30
Posts

Do i pay tax on the sale?

Nick Holty
  • Real Estate Agent
  • Roseville MN
Posted

Hi, I am building a spec home. Its a 2 unit town home and i am going to be living in one half and selling the other half. When the sale takes place it will knock a large percentage off my build cost and i will Cary the left over balance of the loan. Will i have to pay tax on the sale even though all the money went back to the bank to pay down the balance?

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