All Forum Posts by: Wade Stahle

Thanks J. What does the 90 days to complete mean? 

Hi BP,

I am interested to know if there are any seasoning requirements after a new construction is built. Here's a few key points about this specific case.

- Land is completely paid for

- All work will be done be sub contractors

- I am acting as the GC (unlicensed)

- My city inspects all aspects of the job and provides me with an official building occupancy certificate at the end.

So, once complete and since I have used all my own cash to sell it will there be any snags for someone getting financing on it with a FHA or conventional?

Thank you Natalie. So heres another monkey wrench. I just sold my other home about two months ago and will claim that exclusion since we lived in it for 2.5 years.

Now where are we? Am I taxed on the full $75k? What rate am I taxed at?

Thanks Dave.

So... Whats my best approach here. I will have a gain of about $75k. At this point I will start building another one to live in for a very short amount if time. I will then sell that one and keep my next two for long term holds. I own 4 duplex lots.

Natalie, can you explain the 50% part? 

Chris, I was under the understanding you cant do a 1031 on your primary residence. Am I wrong?

I just built a new construction duplex and have plans to sell it. I just closed on my conventional loan as it being my primary. Is there anyway to avid capital gains tax other than waiting two years? I have plans to build more so waiting two years is too long for me.

So, I live in a duplex and rent the other side out. My mortgage is $1167 and the tenant rents the other side for for $1150 and pays all utilities. 

How much should I set aside for taxes of that $1150? It should be noted that it is a brand new duplex 

that helps a ton thank you!

im more asking like is there a holding period for me? Like can i list it on the market feb. 3rd??