Posted on: 11th Nov, 2009 07:44 am
I am selling a 2 acre tract of vacant land. How is capital gains caclulated. The land sale includes water rights purchased separately. Together - these cost about 1/2 of what the land will sell at now. We have an offer but are in a dissolution of marriage and need to be clear on how to deal with capital gains.
Hi truelyhopeful,
I've replied to a query of similar nature and dicussed how the capital gains is calculated for tax purposes. You can refer to the page below to view the discussion:
http://www.mortgagefit.com/budgeting-finance/capitalgains-taxes.html#134860 .
However, you should discuss the issue with a tax advisor to know the exact amount of taxes you will owe on selling the property.
Thanks,
Jerry
I've replied to a query of similar nature and dicussed how the capital gains is calculated for tax purposes. You can refer to the page below to view the discussion:
http://www.mortgagefit.com/budgeting-finance/capitalgains-taxes.html#134860 .
However, you should discuss the issue with a tax advisor to know the exact amount of taxes you will owe on selling the property.
Thanks,
Jerry
Thanks Jerry The information is helpful.