Business & farm

If you built and sold the spec home in 2020, you would declare it on your 2020 income tax return not 2021.

If you're self-employed and in the business of building and selling spec homes, you'd complete Schedule C (Form 1040), Profit or Loss from Business. 

Enter your 1099 outside contractors on Schedule C, Line 11, Contract Labor. 

• Contract labor includes payments to persons you do not treat as employees (for example, independent contractors) for services performed for your trade or business.
• See Where do I enter my self-employment business expenses, like home office, vehicle mileage, and suppli...