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LAND SALE

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aw_wfs Joined: 08 Nov 2009 Posts: 2 1.59 Dollars($)	Posted: Sun Nov 08, 2009 8:53 am    Post subject: LAND SALE Like 0 Dislike 0 My Mother inherited some raw land from her Mother. I now have the land. It has been in our family for over 100 yrs.. I have two Uncles that are 1/3 owners. We have been paying taxes on this land as far as I can remember and I am 60. We are selling the land and would like to know what kind of taxes will be due. Capitol gains, etc. thanks
raymond Community Expert Joined: 03 Jul 2009 Posts: 1166 Location: Irvine, California 24.79 Dollars($)	Posted: Sun Nov 08, 2009 4:04 pm    Post subject: Like 0 Dislike 0 Long term capital gains ... the best you can get. _________________ Raymond Denton www.raymonddenton.com
jenkin7 Joined: 04 Jun 2007 Posts: 4537 Location: Hawaii 728.43 Dollars($)	Posted: Mon Nov 09, 2009 12:35 am    Post subject: Like 0 Dislike 0 Hi aw, You will have to pay long term capital gains taxes, which apply to properties held for more than 1 year. It is taxed at a lower rate as compared to short term capital gains taxes. The tax rate will depend on the value of your property and other factors. However, to calculate the long term capital gains tax, property's cost basis is used rather than the actual purchase price. The cost basis is determined after taking into account factors like real estate taxes, depreciation etc. You need to consult a tax advisor to know how much capital gains tax you will owe IRS for the sale of the land.

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