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


.



Relevant Pages

  • Re: Land tax -- denying the market matters (Re: better tax code: no income tax, head tax (&#
    ... Of course, supply is the amount of something *brought to market*, not ... always throw about on the potential virtues of a land tax. ... The Georgist claim is that land tax is superior to taxes on labor, ... labor) does not respond to price. ...
    (sci.econ)
  • Re: Land tax -- appraisals, the worst tax mechanism (Re: RoyL, Lysander - LVT question.
    ... systems to other taxes: income, payroll, sales, etc. ... Any appraisal-based tax system -- real estate property tax being by ... and the right to appeal it up through a tax appeals ... It is more costly to the land owners. ...
    (sci.econ)
  • Re: Land, Labour and Capital Taxation....
    ... "Taxes levied upon the value of land cannot check production in the ... NOTICE IT SAYS UNTIL THEY EXCEED RENT. ... If the tax goes above rent it starts effecting production and shuts down ...
    (sci.econ)
  • Land tax -- denying the market matters (Re: better tax code: no income tax, head tax (&|
    ... Georgist or single-taxer in light of a quote from him that Georgists ... always throw about on the potential virtues of a land tax. ... The Georgist claim is that land tax is superior to taxes on labor, ... and certainly as a result of supply/demand forcing you ...
    (sci.econ)
  • Re: Obvious Question From Peter & Dan Snows "Who Owns Britain?"
    ... To start convincing me that a land tax will have the effects that the land-taxists would have me believe, I want to see how it impacts upon real people in real economic situations. ... The family obtained a report that suggested that their property would yield some rent, of which the element allegedly related to the land was 5%, so the rental yield payable by the land's tenants is £4,000. ... The landlord built the office and leases the building to one corporate tenant. ...
    (uk.politics.economics)