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Tax consequence

Posted on: 16th Sep, 2011 05:56 am
We are selling a 10 acre tract of land that we have held for 10 yrs. The purchase price was $60k, and the selling price is $110k. We want to use the profits to invest in a new property as a primary residence. The new property will be purchased $360k. What is my tax burden on CGT exposure?
Hi jdillon,

As far as I know, if you receive a profit from the sale of the property, then you will be responsible for paying the capital gains taxes. However, as you will be investing in a new property, then there are high chances that you won't have to pay the taxes. However, to be on the safer side, it will be better if you could contact a tax adviser and take his opinion in this regard.

Thanks
Posted on: 18th Sep, 2011 07:38 pm
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