Re: Capital Gains Question


"Paul Thomas, CPA" <paulthomascpapc@xxxxxxxxxxxxx> wrote in message
news:gUpCf.180$fZ2.105@xxxxxxxxxxxxxxxxxxxxxxxxx
>
> "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?
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>
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> 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.
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> --
> Paul Thomas, CPA
> paulthomascpapc@xxxxxxxxxxxxx
>
>

Its just growing trees at this point. I have owned it for about 10 years. I
make about 50k per year with my job and dont really have any losses.

chaz




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