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We own a rental home. We owned the land for 8 yrs. We just finished the house in November 2011. If we sell it, do we pay lower capital gains because we owned the land over a year or will the tax be calculated based on whent he house was built which was less than a year ago?
ANSWER
Expert Mark Anderson's Answer:
You should probably do a calculation on the land and the rental home. The land sale would be long-term capital gain while the rental home would be short-term capital gain. I hope this answers your question. Thank you.
