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Taxes on the sale of real estate
Posted on 2/24/12 at 4:19 pm
Posted on 2/24/12 at 4:19 pm
Does anyone know how to calculate the taxes you owe on the sale of real estate in Louisiana? I have a family member selling some land but we don't know how to estimate what will be owed in taxes on the sale. Can anyone help? TIA!
1
Posted on 2/24/12 at 4:21 pm to PacLSU
How long have they owned the land? Is it the family members primary residence?
This post was edited on 2/24/12 at 4:21 pm
Posted on 2/24/12 at 4:23 pm to I Love Bama
quote:Owned land about 40 years. There is no residence on the property, it is vacant timberland.
How long have they owned the land? Is it the family members primary residence?
Posted on 2/24/12 at 4:33 pm to PacLSU
Wait for others to answer for confirmation, but I believe you will be subject to a 15% long term capital gains tax.
If the family member is moving it to another property, look into a 1031 exchange.
If the family member is moving it to another property, look into a 1031 exchange.
Posted on 2/24/12 at 4:53 pm to I Love Bama
Thanks for the info! Is there any consideration of age or income on long term capital gains tax rates? Family member is elderly and doesn't make enough on Social Security and a couple of dividend checks to owe taxes at the end of the year.
This post was edited on 2/24/12 at 5:08 pm
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