Posted on: 17th Oct, 2010 07:12 pm
I am 60 years old. I've owned a 40 acre parcel for 4 years. I'm possibly going to sell this raw land within the next year. I've never lived on this land. What are the current rules on capital gains tax in AZ for raw land? Do I have to re-invest in a like property in order not to pay any capital gains or if I wait until I'm 67, would I have to pay capital gains at all?
Welcome trubluzonie,
If you make a profit from the sale of the property, then you'll be liable for paying capital gains tax. However, if you reinvest the money in purchasing real estate, then you may not have to pay the capital gains taxes.
If you make a profit from the sale of the property, then you'll be liable for paying capital gains tax. However, if you reinvest the money in purchasing real estate, then you may not have to pay the capital gains taxes.