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I bought a home in 2005. I lost the house in a hurricane and paid off the mortgage $177,000 and I did not rebuild and its a vacant lot.

Now its 2011, I am about to sale my vacant lot for $55,000. Do I have to pay any capital gains tax? Technically its a loss on my part.

smithsussane · Posted: Mon Jan 24, 2011 10:02 pm Post subject:

Hi solrak!

Welcome to forums!

If you receive a profit from the sale of the lot, then you will be liable for paying capital gains taxes.

Sussane

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