capital gains tax

payat · Joined: 24 Sep 2009 Posts: 1 1.34 Dollars($)

purchased a vacant land property 6 years ago in hawaii. plan on selling it and using the money for a down payment on a house. will we have to pay capital gains tax? if so, how much? any ways to avoid having to do so?

sunnyca2009 · Joined: 04 Aug 2009 Posts: 1737 36.13 Dollars($)

Probably you will ahve to pay 15% capital gain taxes, since this is a logn term captial gain

sunnyca2009 · Joined: 04 Aug 2009 Posts: 1737 36.13 Dollars($)

I do not think you cna aviod the taxes on it.

Sorry did not completely answer your question before

adonis · Posted: Thu Sep 24, 2009 8:12 pm Post subject:

Hi payat,

You will have to pay the capital gains taxes only if you incur a profit by selling that property. If there is no profit, then you won't be liable to pay the capital gains taxes. However, there are certain capital gains tax exemptions as well. You can check it out from the following page:
http://www.mortgagefit.com/know-how/capitalgainstax.html#exemption

sunnyca2009 · Joined: 04 Aug 2009 Posts: 1737 36.13 Dollars($)

Imissed to mention what adonis said, the taxes need to be paid, only if you have profit

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