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tax on land sale

Posted on: 12th Oct, 2010 07:42 am
I am wanting to sell surface only of land that has been in family forever.. selling to a cousin who has been paying me to graze his cattle. I am keeping mineral rights.. what kind of tax am i expected to pay? there is no way to find out what land sold for in 1800's when purchased..
Welcome lvncst,

If you make profit from the sale of the property, then you'll be liable for paying capital gains tax for the sale proceeds.
Posted on: 12th Oct, 2010 11:14 pm
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