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TAGS: spec homes

Speculative Builder Tax

Speculative builders are subject to real estate excise tax on the selling price of the land along with all attachments including buildings, roads, and other structures. The sale of real estate is not subject to the B&O tax or retail sales tax.  

A speculative builder is the consumer of all material incorporated into the real estate. A speculative builder may not use a resale certificate to purchase materials used in speculative building. Any construction contractor hired by a speculative builder is a custom prime contractor for tax purposes and not a subcontractor. Hence, any contractor performing construction services for a speculative builder must charge sales tax on the total contract price. 

When a speculative builder sells or contracts to sell property upon which there is a building under construction, all construction completed subsequent to the date of such sale or contract constitutes custom prime contracting.

The "retail sale" does not take place until the purchasers have the "right of possession" to the real property being constructed. Typically, the right to possession is transferred on the date of closing the property conveyance. Therefore, retail construction on what was originally a speculative house does not occur until after closing.

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TAGS: spec home

Homes Built for Speculation (Spec Home Rules)

When you build a spec home you are creating an asset that will be sold to another person. Spec homes are built in anticipation of a sale; therefore, a construction contract does not exist. You do not use the rules for home construction contracts, which are contracts to build a home with four or fewer residential units.

When you build a spec home all the direct and indirect costs are accumulated. These costs are called the basis of the property and cannot be deducted until the home is sold. The costs that must be included in the basis of the home are:

  • Land
  • Materials
  • Labor, and
  • Allocated indirect costs (See table of indirect costs)

Thus, the income is reported and the basis deducted in the year the home is sold.

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TAGS: spec home

Kimball Hill Homes Brittany Garritson Spec Homes

Kimball Hill Homes Brittany Garritson Spec Homes

Kimball Hill Homes
Brittany Garritson
3010 LBJ Freeway, Suite 1100
Dallas, TX 75234
972-481-2215
brittanygarritson@khhcorp.com

Spec Home Listings
1.5 Story Home with Wet Bar!
Category: Texas - TX>North
Roanoke, TX                                                                
$259,539.00
5 Bedroom Home with Media Room!
Category: Texas - TX>North
Roanoke, TX                                                                
$247,439.00
Secluded Owner's Suite with His and Her Walk-In Closets!
Category: Texas - TX
Lancaster, TX
$158,622.00
Gorgeous Model Home with Luxurious Master Bath!
Category: Texas - TX
Lancaster, TX
$164,931.00
Model Home with Game Room and Wet Bar!
Category: Texas - TX
Lancaster, TX
$234,307.00
Beautiful Two-Story Home with Media & Game Room
Category: Texas - TX
Lancaster, TX
$180,416.00
Great Two-Story home in time for Spring Move-in!
Category: Texas - TX
Arlington, TX
$228,463.00
Wonderful 1 Story Brick Home with 3-Car Garage!
Category: Texas - TX
Arlington, TX
$188,971.00
3 Bedroom Home with Stone Elevation and Covered Patio!
Category: Texas - TX
Arlington, TX
$228,463.00
Beautiful one story in Master Planned Community!
Category: Texas - TX
Arlington, TX
$172,560.00
Fantastic Upgrades in this 1 Story Home!
Category: Texas - TX
Arlington, TX
$175,476.00
Fantastic 2-Story Home - Move-In Now!
Category: Texas - TX
Arlington, TX
$195,648.00
Gorgeous Home with Media Room
Category: Texas - TX
Arlington, TX
$241,803.00
Awesome 2-Story with Many Upgrades
Category: Texas - TX
Arlington, TX
$231,128.00
Beautiful 1 Story Home on Corner Homesite in Arlington!
Category: Texas - TX
Arlington, TX
$199,435.00
2-Story Home Ready for Immediate Move-In!
Category: Texas - TX
Arlington, TX
$220,697.00
2-Story Home on Oversized Homesite!
Category: Texas - TX
Arlington, TX
$222,420.00
Gorgeous 2-Story Home with Game Room in Forney!
Category: Texas - TX
Forney, TX
$209,267.00
Spacious 2-Story Home with Stainless Steel Appliances!
Category: Texas - TX
Forney, TX
$201,124.00
Beautiful 1-Story Home with Gourmet Kitchen!
Category: Texas - TX
Forney, TX
$172,711.00
Available Now! Signature Model Home Design!
Category: Texas - TX
Forney, TX
$202,074.00
2800 Square Foot Home Ready for Move-In
Category: Texas - TX
Forney, TX
$202,635.00

 

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TAGS: spec homes, home builder inventory, spec house

Beautiful Two-Story Home with Media & Game Room - Inventory Home

Beautiful Two-Story Home with Media & Game Room - Inventory Home
$180,416.00
4 Bed 2.5 Bath
2,647 Bldg. Sq. Ft.
2150 Fair Weather Dr.
Lancaster, TX 75146

MLS 10850798
Lot Size 60 Sq. Ft.
Schools Lancaster
Year Built 2007

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Description
Spacious home with 4 bedroom, 2.5 baths, formal dining, game room, media room & covered patio.

Additional Details
  • Ceramic Tile
  • Covered Patio
  • Fireplace
  • Full Sodded Yard
  • Ready to Move In
  • Energy Star Certified
  • Landscaped
  • Sprinkler System

  • Seller Profile
    Kimball Hill Homes
    Brittany Garritson
    3010 LBJ Freeway, Suite 1100
    Dallas, TX 75234
    972-481-2215
    brittanygarritson@khhcorp.com

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    TAGS: spec homes, home builder inventory, spec house

    Model Home with Game Room and Wet Bar! - Model Home

    Model Home with Game Room and Wet Bar! - Model Home
    $234,307.00
    4 Bed 3.5 Bath
    2,748 Bldg. Sq. Ft.
    2123 Fair Weather Dr.
    Lancaster, TX 75146

    MLS 10939478
    Lot Size 60 Sq. Ft.
    Schools Lancaster
    Year Built 2007

    View Property Website
    Contact Seller
    Email this ad to a friend
    Approximate LocationMap (approx.)    Mortgage CalculatorMortgage Calculator
    Description
    2 story brick home with 4 bedrooms, 3.5 baths, formal dining and living, master downstairs, game room, media room & covered patio.  The home is in a beautiful master planned community with neighborhood pool, hike or bike nature trail path, park & picnic areas.

    Additional Details
  • Ceramic Tile
  • Covered Patio
  • Fireplace
  • Full Sodded Yard
  • Guttering
  • Wood Flooring
  • Ready to Move In
  • Energy Star Certified
  • Landscaped
  • Sprinkler System

  • Seller Profile
    Kimball Hill Homes
    Brittany Garritson
    3010 LBJ Freeway, Suite 1100
    Dallas, TX 75234
    972-481-2215
    brittanygarritson@khhcorp.com

    More listings from this member...

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    TAGS: spec homes, home builder inventory, spec house

    Great Two-Story home in time for Spring Move-in! - Inventory Home

    Great Two-Story home in time for Spring Move-in! - Inventory Home
    $228,463.00
    4 Bed 2.5 Bath
    3,400 Bldg. Sq. Ft.
    710 Cliffmere
    Arlington, TX 76002

    MLS 10937211
    Lot Size 50 Sq. Ft.
    Schools Mansfield
    Year Built 2008

    View Property Website
    Contact Seller
    Email this ad to a friend
    Approximate LocationMap (approx.)    Mortgage CalculatorMortgage Calculator
    Description
    Georgeous two story with 4 bedrooms, 2.5 baths, formal living, formal dining, game room, media room with raised platform and sconce lighting, granite counters, covered Patio, ceramic tile throughout, wrought iron staircase. Many more upgrades. Ready March or April.

    Photos, elevations & or computer generated images are for illustration purposes.

    Additional Details
  • Ceramic Tile
  • Covered Patio
  • Fireplace
  • Full Sodded Yard
  • Granite Surface
  • Guttering
  • 50% Complete
  • Energy Star Certified
  • Landscaped
  • Sprinkler System

  • Seller Profile
    Kimball Hill Homes
    Brittany Garritson
    3010 LBJ Freeway, Suite 1100
    Dallas, TX 75234
    972-481-2215
    brittanygarritson@khhcorp.com

    More listings from this member...

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    TAGS: spec homes, home builder inventory, spec house

    Wonderful 1 Story Brick Home with 3-Car Garage! - Inventory Home

    Wonderful 1 Story Brick Home with 3-Car Garage! - Inventory Home
    $188,971.00
    3 Bed 2 Bath
    1,963 Bldg. Sq. Ft.
    9123 Maple Canyon Court
    Arlington, TX 76002

    MLS 10937174
    Lot Size 50 Sq. Ft.
    Schools Mansfield
    Year Built 2008

    View Property Website
    Contact Seller
    Email this ad to a friend
    Approximate LocationMap (approx.)    Mortgage CalculatorMortgage Calculator
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    Description
    3 bedroom, 2 bath, formal dining, 3 car garage, ceramic tile throughout, covered patio, rounded corners. Ready April or May.

    Photos, elevations & or computer generated images are for illustration purposes.

    Additional Details
  • Ceramic Tile
  • Covered Patio
  • Fireplace
  • Full Sodded Yard
  • 50% Complete
  • Energy Star Certified
  • Landscaped
  • Sprinkler System

  • Seller Profile
    Kimball Hill Homes
    Brittany Garritson
    3010 LBJ Freeway, Suite 1100
    Dallas, TX 75234
    972-481-2215
    brittanygarritson@khhcorp.com

    More listings from this member...

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    TAGS: spec homes, home builder inventory, spec house

    3 Bedroom Home with Stone Elevation and Covered Patio! - Inventory Home

    3 Bedroom Home with Stone Elevation and Covered Patio! - Inventory Home
    $228,463.00
    3 Bed 2 Bath
    2,166 Bldg. Sq. Ft.
    711 Cliffmere Dr.
    Arlington, TX 76002

    MLS 1093714
    Lot Size 50 Sq. Ft.
    Schools Mansfield
    Year Built 2008

    View Property Website
    Contact Seller
    Email this ad to a friend
    Approximate LocationMap (approx.)    Mortgage CalculatorMortgage Calculator
    Click to View Click to View Click to View Click to View
    Description
    1 story home with 3 bedrooms, 2 dining, 2 living (family room and owners retreat), Granite counters, ceramic tile throughout, covered patio, stone elevation, rounded corners and many more upgrades.

    Ready March or April. Photos, elevations & or computer generated images are for illustration purposes.

    Additional Details
  • Ceramic Tile
  • Covered Patio
  • Fireplace
  • Full Sodded Yard
  • Granite Surface
  • Guttering
  • 50% Complete
  • Energy Star Certified
  • Landscaped
  • Sprinkler System

  • Seller Profile
    Kimball Hill Homes
    Brittany Garritson
    3010 LBJ Freeway, Suite 1100
    Dallas, TX 75234
    972-481-2215
    brittanygarritson@khhcorp.com

    More listings from this member...

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    TAGS: spec homes, home builder inventory, spec house

    Beautiful one story in Master Planned Community! - Inventory Home

    Beautiful one story in Master Planned Community! - Inventory Home
    $172,560.00
    3 Bed 2 Bath
    1,963 Bldg. Sq. Ft.
    808 Cliffmere
    Arlington, TX 76002

    MLS 10937129
    Lot Size 50 Sq. Ft.
    Schools Mansfield
    Year Built 2008

    View Property Website
    Contact Seller
    Email this ad to a friend
    Approximate LocationMap (approx.)    Mortgage CalculatorMortgage Calculator
    Click to View Click to View Click to View Click to View
    Description
    Granite Counters, covered patio, ceramic tile throughout and many more upgrades. Ready in April.

    Photos, elevations & or computer generated images are for illustration purposes.

    Additional Details
  • Ceramic Tile
  • Covered Patio
  • Fireplace
  • Full Sodded Yard
  • Granite Surface
  • 50% Complete
  • Energy Star Certified
  • Landscaped
  • Sprinkler System

  • Seller Profile
    Kimball Hill Homes
    Brittany Garritson
    3010 LBJ Freeway, Suite 1100
    Dallas, TX 75234
    972-481-2215
    brittanygarritson@khhcorp.com

    More listings from this member...

      (0) COMMENTS
    TAGS: spec homes, home builder inventory, spec house