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Taxes on land sale?
Posted on 2/25/23 at 2:16 pm
Posted on 2/25/23 at 2:16 pm
I have a 1 acre lot on a lake here in Texas. Let's say I bought it for $100k and sold for $200k, will I be taxed on the capital gains of $100k at 15% totaling $15k?
1
Posted on 2/25/23 at 3:47 pm to LSUSUPERSTAR
How long did you own it? If less than one year, it will be subject to short term capital gains as normal income.
Did you make any improvements to it? If so, the cost of those improvements can be deducted from the capital gains resulting from the sale.
Otherwise, yes, you’ll have to pay 15% on the $100k.
Did you make any improvements to it? If so, the cost of those improvements can be deducted from the capital gains resulting from the sale.
Otherwise, yes, you’ll have to pay 15% on the $100k.
Posted on 2/25/23 at 4:05 pm to LSUtigerME
We bought it in June 2021. No improvements, just normal upkeep such a cutting the grass and picking up tree limbs.
Posted on 2/25/23 at 6:22 pm to LSUSUPERSTAR
If your income is high enough, your long term cap gains rate could be 18.8 or 23.8 percent
Posted on 2/25/23 at 6:23 pm to LSUFanHouston
What is the income level for that to happen? I don't think we are that high.
Posted on 2/25/23 at 7:33 pm to LSUtigerME
What is the seller of the land was gifted the land in the 70’s and has held the land until now? What would be his tax burden in the event of sale?
Posted on 2/25/23 at 8:06 pm to LSUSUPERSTAR
He’s talking about NIIT adding the extra 3.8%
You become subject to it when AGI hits $250K MFJ.
You become subject to it when AGI hits $250K MFJ.
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