D
David from Boston
I purchased a piece of land with 7 garages in June -2002.
In September -2003, I razed the garages and built a six unit
building I will be selling in May 2004 as condominiums. I
will occupy one condiminium as my residence for two years.
What are my tax consequences for capital gains and/or
ordinary income for the remaining five units.
thank you
In September -2003, I razed the garages and built a six unit
building I will be selling in May 2004 as condominiums. I
will occupy one condiminium as my residence for two years.
What are my tax consequences for capital gains and/or
ordinary income for the remaining five units.
thank you