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land sale and capital gains

Posted on: 17th Jun, 2010 11:50 am
I sold land that I've had for about 24 years. When I purchased it I paid $6000. I sold it for $46,100. I am low income and single. What do I have to look forward to as far as taxes.
To Lois,

You'll have to pay capital gains taxes on the profit you've made by selling the land. As far as I'm aware of, you could have been able to claim exemption from paying taxes if you had used the property as your primary residence. Since it wasn't your primary place of residence, you cannot claim that exemption. However, it's worth your while to talk to a tax professional as he/she would be the right person to guide you on this issue.
Posted on: 18th Jun, 2010 02:56 am
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