Building a home I need to sell

Some background, March of last year I signed a contract with a builder because I was ready to buy a home. The contract allowed the builder to buy land on my behalf and wrap the costs of the land into a conventional loan that would start upon house closing. My name is on the land itself with just the builder listed as provider of funds.

This is my first home so bear with me. Now since then my employer had me move to a new location or bye bye job. The house was still not complete yet and the move resulted in a roughly 175 mile relocation distance relative to the house I contracted to be built. The house is expected to finally finish late November and sadly I plan to sell immediately after closing to get a hold of a property where I currently live now. My realtor told me we would be able to sell the home for a profit due to the market, roughly 175k more than I would be purchasing the house.

I understand this would be a capital gain (right?), but would it be long term? Is there a way I can claim some sort of partial exemption? I’m already in the head space that I’m paying the full tax amount (roughly $40ish thousand). Just wanted to make sure I have my bases covered. Regardless with what’s left will happily get me around 20% down or more with what I’ve been looking at where I live.

Thanks for any guidance!

submitted by /u/EngineerCasualty
[link] [comments]

Some background, March of last year I signed a contract with a builder because I was ready to buy a home. The contract allowed the builder to buy land on my behalf and wrap the costs of the land into a conventional loan that would start upon house closing. My name is on the land itself with just the builder listed as provider of funds. This is my first home so bear with me. Now since then my employer had me move to a new location or bye bye job. The house was still not complete yet and the move resulted in a roughly 175 mile relocation distance relative to the house I contracted to be built. The house is expected to finally finish late November and sadly I plan to sell immediately after closing to get a hold of a property where I currently live now. My realtor told me we would be able to sell the home for a profit due to the market, roughly 175k more than I would be purchasing the house. I understand this would be a capital gain (right?), but would it be long term? Is there a way I can claim some sort of partial exemption? I’m already in the head space that I’m paying the full tax amount (roughly $40ish thousand). Just wanted to make sure I have my bases covered. Regardless with what’s left will happily get me around 20% down or more with what I’ve been looking at where I live. Thanks for any guidance! submitted by /u/EngineerCasualty [link] [comments]

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