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tax on land sold

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Guest	Posted: Fri Aug 13, 2010 4:39 pm    Post subject: tax on land sold Like 0 Dislike 0 bought land in Georgia for $22,000. (8.6 acres) about 14 yrs. ago. If sold for 80,000. what would capital gains tax be?
jameshogg Joined: 20 Dec 2005 Posts: 10477 Location: Nevada 990.06 Dollars($)	Posted: Fri Aug 13, 2010 9:09 pm    Post subject: Like 0 Dislike 0 Hi Guest, The capital gains taxes would be calculated depending upon the amount of profit you receive by selling off the property. You bought the property for $22,000 and sold it off at $80,000. Thus, your profit is $80,000 - $22,000 = $58,000. Thus, your capital gains tax would be calculated on $58,000. Thanks

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