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re: Land Sale Tax Question
Posted on 11/4/16 at 4:28 pm to dabigfella
Posted on 11/4/16 at 4:28 pm to dabigfella
Ok. Let me make sure that I'm clear on this. I'm just going to throw out some numbers. If at the time I went with all the other heirs to the attorney's office (many parcels of property were in the estate), the appraised value of this particular parcel of property had appraised for $100,000. If I sold it for $150,000 today, then the difference is $50,000. Would I pay $7500.00 in tax at on this upcoming tax return?
1
Posted on 11/4/16 at 4:56 pm to damonster
I'm not sure if it's appraised value at the time or market value at the time the reason I say that is there is many times a huge difference with land. For instance I have a 82,000 sq ft commercial parcel of undeveloped land here in houston where tax value is like 30% of its real value. The county assessors are usually way off on land valuations.
On the otherhand as someone else mentioned a 1031 exchange you would pay 0 in taxes but you would have 45 days after the sale to identify another property over the value of the current one you're selling and then you have a couple months to buy it.
If you want to cash out in cash, then you will pay taxes and your math is about right give or take.
On the otherhand as someone else mentioned a 1031 exchange you would pay 0 in taxes but you would have 45 days after the sale to identify another property over the value of the current one you're selling and then you have a couple months to buy it.
If you want to cash out in cash, then you will pay taxes and your math is about right give or take.
This post was edited on 11/4/16 at 5:03 pm
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