No confusion on the end result. Personal home......not a business......no deductible expenses for tax purposes.
If you read @JohnB5677 response again:
- Indicated contractor expenses.......this assumes that you are in the business of building a home
- Second bullet "......building the home for some unknown buyer"
- Third bullet "....to sell the home"
- Fifth bullet "the buyer.......when they buy the home"
Pretty clear that @JohnB5677 is assuming that you are in the business of being a general contractor and building a home for a potential buyer. If he did not assume this, then the response is wrong.
Once again, that is why I asked the question.
Can't have Section 162 trade or business expenses, if you don't have a trade or business. Where is the expectation of any profit in your scenario? You aren't getting paid for your work. This is not a business eligible for Section 162 expenses.
*A reminder that posts in a forum such as this do not constitute tax advice.
Also keep in mind the date of replies, as tax law changes.
