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Capital gains tax on acreage

Posted on: 20th Jul, 2012 07:33 am
My husband and I are both retired; over 30 years ago we purchased 40 acres of land for $10,000.00 with the intention of retiring and building a home but our plans changed. We have the property listed through a real estate agent for $75,000.00. We have a buyer who would like to purchase it on a Land Contract with 10% down 5.5% interest rate over a 10 year period. We also own a home. What percentage are we looking at for capital gains taxes? Do we pay over a period of time or do we pay when the final payment is made and the deed is turned over to the buyer? Our combined income is between $32,000.00 - $35,000.00 from S/S and pension.
Hi T L W,

The capital gains taxes will depend upon the amount of profit you gain from the sale of the property.

Thanks
Posted on: 22nd Jul, 2012 10:30 pm
Hi T L W!

Welcome to forums!

You can contact a tax adviser and he will assist you in knowing the amount of capital gains taxes you will have to pay.

Feel free to ask if you've further queries.

Sussane
Posted on: 23rd Jul, 2012 09:47 pm
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