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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.

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.

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