My husband and I bought a foreclosed home for my son. We own a construction company, so we did all the repairs and renovations ourselves. We have kept a running total of expenses. Under the rules of the purchase, my son's name had to be listed as the owner. When he gets a bank loan to pay us back, will we owe income tax on the loan repayment?
I would ask a tax adivsor so you don't make any mistakes and everything ends up tax free.
Since your son is paying you back, what happened is that you gave him a loan to buy a house, then your company did work for him, giving him a long time to pay back.
You can charge him at cost for the work your company did plus materials, so you don't make a profit, and pay no income tax on that. The money you paid out to buy the house is just repaid, so there is no income tax on that. What your tax advisor must make certain is that the source of the money for the loan is fine, and that your company booked expenses correctly. Say you paid $100,000 for work and materials on your sons home, and booked this as reducing your company's profits by $100,000 and save taxes, then you won't have a choice but pay taxes on the money that he pays to you know.
Giving your son the huge loan, possibly interest free, may be counted as a gift. In the USA I think gifts can be huge before someone has to pay tax on a gift, in other countries less extreme but still quite a lot can be tax free.
You will need to talk to an accountant about gift taxes - both for the home purchase and potentially for the (below market?) interest rate on the loan.
If you gave gifts to someone in 2018 totaling more than $15,000 (other than to your spouse), you probably must file Form 709.
You bought a house fixed it up and sold it. Just because the buyer is your son and he is getting a mortgage to pay for the house has no bearing on the matter. In the US at least, you would need to pay taxes on the profit. Since you are probably selling it at cost means probably no taxes due. Selling below cost is most likely considered a gift and invokes gift taxes.