LJMS
New Member

Captial Gains Tax on house

We want to sell our house:

We purchased the land that our house on in May 2022 and made it our primary residence by living in a camper. During that time  we started the process of designing and building house and a work shop.

The new house was completed in July of 2024 and we moved in.

 

Land purchase was $200,000

House cost about $700,000

Shop Cost of $80,000

We think we can sell it for $1,100,000.

 

How do we figure the Captial Gains tax?