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.
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.
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