Long term Land Short term build

I assume that you are reporting the sale of this property?

If that is the case, you will need to report the sale of the land and the sale of the house as two separate transactions since the term is different. 

For example, say you bought a lot for $50,000 and held it for a year. Then you spent $150,000 building a house on it. 

In this case, 25% of the transaction would be the land and 75% would be for the house. You would report 25% of the sale price as being for the land and 75% for the house. 

Alternatively, if you have specific information about the value of the land when you sold it, you can report the transaction using actual value instead.

With either method, just be sure that you allocate the entire amount of your sales price and your sales expenses between the two transactions.