tax

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i bought a lot for 35k,and now selling it for 96k 5 years later,how much tax will i pay

smithsussane · Posted: Sun Apr 26, 2009 8:14 pm Post subject:

Hi corey!

Welcome to forums!

The amount of tax that you need to pay will depend upon the profit that you make from the sale of the property. You can contact a tax assessor and he will let you know the amount of tax you need to pay.

Feel free to ask if you have further queries.

Sussane

danielcorral13 · Joined: 20 Apr 2009 Posts: 53 0.69 Dollars($)

Hi,

You brought in 35K & now selling after 5 years in 96K means this deal is profitable for you.

I agree with you.

You can know more about that by contacting your lawyer & its mostly depends on country & your situated location.
You can search on Google for that & you also can ask to our community experts.

Thanks.

gunzijjistaff · Joined: 07 Apr 2009 Posts: 609 15.03 Dollars($)

Hi coreywilliam,

Here as smithsussane says, tax paying amount is depending on your profit in this deal, As you say there you have 66K profited so your tax amount is will some part of your profit, You can ask to your nearest Tax Department to further queries. They will help you better.

Thanks & Regards. ( Laughing

)

Realgeni · Joined: 13 Apr 2009 Posts: 1434 99.76 Dollars($)

In addition to all the above it will depend on your current income and your tax bracket.

manoj_gopale · Joined: 16 Feb 2009 Posts: 481 0.59 Dollars($)

coreywilliam what is your current income bracket??

Whether that plot is co-owned by any other person or not?

Have you paid the property tax for the plot for last 5 years?

All these considerations has to be taken into consideration before coming to the final decision of the tax amount.

Discuss all this with the tax assessor in your state and he will be able to guide better on this subject matter.

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