Re: Capital Gains Question




"chaz" <chaznsc@xxxxxxxxx> wrote
> Lets say I paid 16,000 for the land, and I can sell it for 45,000, my
> increase is 29,000.00. Roughly what is my tax?



Was this farm land? Did you run any business off of this land? Or was it
just personal use land (like a big yard)? How long have you owned this
land? Not including your gain, what is the makeup and amount of your other
income? Do you have any capital losses that might off-set the gain?


The tax rate depends on the use of the land, the holding period, and your
tax bracket, and if you have any capital losses that might off-set the gain.





--
Paul Thomas, CPA
paulthomascpapc@xxxxxxxxxxxxx


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