user_68niou1
Junior Member
I recently sold my primary residence in WA state, which we have owned for about 1.75yrs. My wife and I are considering reinvesting our proceeds (~$50,000) by purchasing 80 acres, which we can subdivide and sell off one or two parcels and then build on one of the remaining parcels (we won't be able to afford the home we want to build until one or possibly two parcels sell). The land is dividable into 20's. Selling the parcels off may take a year or more.. not sure but the market seems hot now esp. for that size lot. Are we facing any tax penalties (capital gains or otherwise) for doing so?