Tax on Land

Guest

I am looking into selling my piece of land in PA. How much in taxes will I have to pay? I only owned the land for 3 years.

Should I just hold onto the land if I don't need the money?

adonis · Posted: Mon Feb 02, 2009 11:05 pm Post subject:

Welcome deanb,

You may have to pay taxes when you incur profit after selling the land. This is known as the capital gains tax. The total taxes you pay will depend upon the capital gains tax rate. A tax assessor will be the right person to guide you on this issue.

If you don't need the money, well then you can hold on to the land.

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