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re: Captial gains tax question
Posted on 4/21/15 at 9:48 pm to Patches O'houlihan
Posted on 4/21/15 at 9:48 pm to Patches O'houlihan
quote:
I bought 6 acres of land a little over a year ago. I'm going to sell 3 acres of that land very soon for a little bit of profit. Is there any way to know how much capital gains taxes I will owe, if any? TIA for any help!
15% of the profit unless you are in the top income tax bracket of 39.6% then you will be taxed 20% on capital gains
1
Posted on 4/21/15 at 10:01 pm to highcotton2
quote:
20% on capital gains
Yes for Federal taxes. Then add 3.8% for the Obamacare Tax and then add you appropriate state capital gains tax.
Fed and Louisiana taxes for the top bracket comes in just shy of 30%.
Patches - what was the use of the land? Investment or in your trade or business? Or for personal use? Are you planning on buying another piece of property with the proceeds from the sale?
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