Home arrow Mortgage Forums arrow Budgeting and Personal Finance arrow

tax on land sale
Author Message
Bookmark
Bookmark Delicious Add to del.icio.us
Bookmark Yahoo Web Add to YahooMyWeb
Bookmark Simpy Small Add to Simpy
Bookmark Blinklist Add to BlinkList
lvncst

Guest
Post Posted: Tue Oct 12, 2010 7:42 am    Post subject: tax on land sale
Like 0
Dislike 0
I am wanting to sell surface only of land that has been in family forever.. selling to a cousin who has been paying me to graze his cattle. I am keeping mineral rights.. what kind of tax am i expected to pay? there is no way to find out what land sold for in 1800's when purchased..
_________________
Need help choosing the right loan? Get free consultation from community lenders/consultant
Icon Mini Profile adonis
adonis




Joined: 22 Oct 2005



Posts: 10562
Location: ALASKA
1089.18 Dollars($)
Post Posted: Tue Oct 12, 2010 11:14 pm    Post subject:
Like 0
Dislike 0
Welcome lvncst,

If you make profit from the sale of the property, then you'll be liable for paying capital gains tax for the sale proceeds.
_________________
Procrastination is the enemy of your financial success
Quick Reply
Your Name
Subject
Image Verification


Can't read the image? click here to refresh
Message body

All times are GMT - 7 Hours
Page 1 of 1

 


Refinance Quotes
Call for Rates
Speak to a lender now.
We will match calls to our toll free number with our network of lenders.
Highlights

Financial Tools

• Credit Repair Tool New
• Mortgage Planner
• Simple Budgeting Tool

Helpful References
• 34 Tax tips boost your savings
• 12 financial ways for Seniors
• Budgeting Lesson 1
• 401k/403b Retirement Loan

Calculators     [View all]
• Calculate Debt-Income Ratio
• Calculate Retirement savings
• Convert IRA to Roth IRA
• Tax savings in 1031 Exchange

Our Community

• MortgageFit Blog
• Community Professionals
• Community Rewards
• Introduce yourself
• Website tools

Community Rewards

• Five simple ways to earn money with the Mortgage Community.





Helpful Calculators
Popular Articles
Popular Discussions
About Us|Contact Us |Privacy Policy|Testimonials |RSS Feeds |Site Map
We have chosen to apply the Creative Commons Attribution License to all works we publish. This work is licensed under cc by 2.0
Page loaded in 0.050 seconds.