- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
Captial gains tax question
Posted on 4/21/15 at 12:40 pm
Posted on 4/21/15 at 12:40 pm
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!
5
Posted on 4/21/15 at 1:00 pm to Patches O'houlihan
If Jimmy has 32 candy bars and eats 28 of them, how much does Jimmy weigh now?
Posted on 4/21/15 at 1:04 pm to Patches O'houlihan
Posted on 4/21/15 at 1:06 pm to Notro
Thanks dipshits
Posted on 4/21/15 at 1:14 pm to Patches O'houlihan
Provide some more detailed information, and there are a million people on here who can help you.
Posted on 4/21/15 at 1:23 pm to geauxbears08
I know the number I bought it for and the number I will sell it for. I didn't know there was a calculator for capital gains tax online.
Posted on 4/21/15 at 1:24 pm to Patches O'houlihan
Short answer is it's 15% of the gain, unless you're poor (then it's 0%) or in the top tax bracket (then it's 20%).
Posted on 4/21/15 at 1:27 pm to Brummy
Thanks Brummy. Obviously I don't know much about this stuff. When would I be required to pay the taxes? Would it just be at the end of the year?
Posted on 4/21/15 at 1:27 pm to Brummy
What abt the obamacare cap gains tax?
Posted on 4/21/15 at 1:42 pm to Patches O'houlihan
You will take care of it on your 2015 Form 1040. If you pay estimates and the gain is significant then talk to your CPA.
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
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?
Page 1 of 1
Popular
Back to top
Follow TigerDroppings for LSU Football News