how to calculate capital gains in Ohio

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I recently purchased 40 acres of "land locked" land for $27K. Upon investigation, I found out that there was a right of way back 60 years in the deed which was beyond what the sellers investigated. If I sell the land for $80K, how do I calculate the capital gains? I live in Ohio.

jameshogg · Posted: Mon Jun 29, 2009 8:27 pm Post subject:

Hi Figel,

The capital gains tax will be calculated on the basis of the profit you make by selling the property. It is the difference between the purchase price and the selling price. You can contact a tax assessor and he will help you in calculating the capital gains tax you need to pay.

Thanks

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