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question about selling a property and taxes
Posted on 8/23/15 at 9:55 am
Posted on 8/23/15 at 9:55 am
lets say I bought a property 10 years ago for 50k. what tax implications will I have to deal with if I sell it for 100k?
this land is rural agricultural land and being taxed as so.
this land is rural agricultural land and being taxed as so.
This post was edited on 8/23/15 at 10:04 am
1
Posted on 8/24/15 at 12:00 pm to diat150
Are there any improvements on the land?
Do you own the land personally?
Short answer is you will owe taxes on the land, federal and state. Federal tax may be long term capital gain, so a reduced tax rate will apply if so.
Do you own the land personally?
Short answer is you will owe taxes on the land, federal and state. Federal tax may be long term capital gain, so a reduced tax rate will apply if so.
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