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Capital Gains on Short Plat?


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Linda's Forum Posts: 7

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By Linda in Gig Harbor, WA on 7/8/2003


We currently live on 1.25 acres which we are in the process of short platting into 4 lots. We plan on selling two lots, building a new home on the third lot and keeping our existing home as a rental. Our accounting thinks that since we are not selling our residence that we will have to pay capital gains on the two lots that we sell (even though they are a part of the original purchase). She has told us that if we sell the house and two lots that we would avoid the capital gains - I'm sure that is true. Our area is appreciating extrememly fast, so another option might be selling the two lots now, and sell our house within the "five year period" and avoid the capital gains, and gain the appreciated value in five years. Ideally, we want to sell two lots, keep the existing home for retirement income and not have to pay capital gains. Any advice will help. Thank you.
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By Frank in San Pedro, CA on 1/8/2004


One suggestion would be to sell the lots as owner financed over a 7 to 10 year pay out than I think your capitol gains would be spread out and the interest you would get would replace some of the taxes. You could even build homes on the lots with owner finacing and have long term income during your retirement. Run that by your accountant and see if that will work for you. Frank@affordablehomesca.com
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