My wife and I are saleing our house we built. We bought the vacant land 4 years ago. We built the house last year and it we will have had the mortgage less than two years when we close. I am trying to determine the amount of capital gains we will have to pay. Can we deduct the following items we paid for out of our pockets against the gains of the sell: cost of land, water tap and instalation, wood stove, appliances, deck materials and construction. We live in Montezuma county in Colorado. When will we be required to pay the tax. We are using the remaining funds to buy an existing house. Thanks
