Selling a second home from subdivision

[dycc]

Hi all,

We recently subdivided and built a second house on our property, which was purchased before the brightline test came into effect, and sold off the original home to pay off debt and moved into the new house. Due to unforseen health reasons we are looking to move in with relatives and sell the current (new) house to cover medical bills. Would we be taxed for this sell? The build took about 12 months and we've lived in the new house for about 5 months.

[AlFa]

talk to property accountant

[Nick G]

this pretty much, a 1hr session with a property accountant - cost $200-$300 will see you right.

[Rosco]

Hi dycc,

Two main parts

1) Brightline - You say before this, but something to watch is did you sell new house to a new entity such as a Trust? If sold to new entity, brightline would restart from date of sale, and then might not get personal home exemption as predominately a build not a personal house.

2) Subdivision rules
These are complicated and I would suggest you get expert advice. Just a matter of checking a few details so likely to cost $100 or less.

For some general info
- generally get exemption for personal home. But if owned by a Trust, some of the exemptions don't apply!
- timeframe for personal home exemption doesn't matter.
- so generally you would not be taxed in your scenario. BUT need to go through exact situation and facts, and who owns etc to be 100% sure.

Ross

[oklahomarealestate]

If you want to sell your second home from subdivision due to health reasons then i can recommend you a real estate company where you can sell your new home at good rates. The company name is Oklahoma Real Estate. They buy all kind of houses so just contact them once and they will buy your home at a good price. Contact number (405) 288-1996.

[AlFa]

If you want to sell your second home from subdivision due to health reasons then i can recommend you a real estate company where you can sell your new home at good rates. The company name is Oklahoma Real Estate. They buy all kind of houses so just contact them once and they will buy your home at a good price. Contact number (405) 288-1996.

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