Posted on: 15th Sep, 2012 07:06 am
We have 66 acres and are thinking about selling 40 acres. We have had the land since 1986. What would the capital gains tax be?
HI maynard,
The capital gains tax will depend upon the amount of profit you earn from the sale of the property.
Thanks
The capital gains tax will depend upon the amount of profit you earn from the sale of the property.
Thanks
Hi maynard!
Welcome to forums!
To know all about capital gains taxes, check out the given page:
"http://taxes.about.com/od/capitalgains/a/CapitalGainsTax_4.htm"
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
To know all about capital gains taxes, check out the given page:
"http://taxes.about.com/od/capitalgains/a/CapitalGainsTax_4.htm"
Feel free to ask if you've further queries.
Sussane
Land is an asset. You earn money by selling land. Taxes are imposed on the income that you earn from selling the property. These taxes are capital gains taxes. This is imposed because the land appreciates in value with time.