Posted on: 21st Nov, 2010 09:23 am
sir;
i have 3.8 acres of vacant land in ocala florida that i purchased 28 years ago for 26k and spent 6.5k to have it cleared. do i have to pay capital gains tax when i sell it or is there a way not to?
thanks
i have 3.8 acres of vacant land in ocala florida that i purchased 28 years ago for 26k and spent 6.5k to have it cleared. do i have to pay capital gains tax when i sell it or is there a way not to?
thanks
Hi noxscash,
If you sell off the property and receive profits from it, then you will be liable for paying capital gains tax.
If you sell off the property and receive profits from it, then you will be liable for paying capital gains tax.