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Updated over 7 years ago on . Most recent reply

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Bridget Gratton
  • Farmington, MO
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Building new home, what will I be taxed of I sell immediately?

Bridget Gratton
  • Farmington, MO
Posted

We started building a home for our family and 2 disabled extended family members. There were 4 incomes to pay the mortgage. Half way into building both of the extended family members unexpectedly died just days apart from each other. I also had unexpected back surgery which has not been successful and I can't work. Now we are down to just one income and can't afford the mortgage. The home will be done in 2 months. 

Will we be taxed substantially if we sell the home before we have lived in it for 2 years? 

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