Compare Mortgage Quotes

Refinance Rates for Today

Please enable JavaScript for the best experience.

In the mean time, check out our refinance rates!

Company Loan Type APR Est. Pmt.

Compare Refinance Mortgage Quotes

I have 80 acres of vacant land that I am thinking about selling for development. How much capital gains tax will I have to pay if I have only owned the land for 1 year & 2 months?

smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi jkw!

Welcome to forums!

As far as I know, the capital gains tax is a tax which is charged on the profit realized from the sale of an asset that was purchased at a lower price. I don't think the capital gains tax will depend upon the period of time you owned the property.

You can find a similar discussion on capital gains tax in the following link:

Feel free to ask if you have further queries.


Like | Dislike | Share | Posted: Wed, 02/25/2009 - 19:24 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Could you tell me the % of the tax?

Like | Dislike | Share | Posted: Thu, 02/26/2009 - 06:26 | Post subject:

adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

As far as I know, long-term capital gains will apply to assets held for more than one year. These are taxed at a lower rate compared to short-term gains. In the year 2003, this rate was reduced to 15% as well as to 5% for individuals who are in the lowest two income tax brackets. These tax rates would be available till 2010 as a result of the Tax Reconciliation Act. Thus, in 2008, 2009, and 2010, the tax rate on eligible dividends and long term capital gains is 0% for people who are in the 10% and 15% income tax brackets.

Like | Dislike | Share | Posted: Thu, 02/26/2009 - 21:00 | Post subject:

Page loaded in 0.099 seconds.