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Posted: 5/18/2009 8:10:59 AM EDT

I have 50 acres I want to sell. I paid $50k for it (10 years ago).

If I sell it for $120k (I have a buyer), am I getting taxed on $70k on gain?

or

All $120k?

Thank you.

Posted: 5/18/2009 8:12:53 AM EDT

[#1]

I'm not a 'tax expert' but it should be only on the gain and since you've held the property for more than a year you should get the lower rate.

Posted: 5/18/2009 8:25:16 AM EDT

[#2]

Buy Turbo tax. It will ask and answer all.

Posted: 5/18/2009 8:32:26 AM EDT

[#3]

You'll be taxed on the gain. I think the rate is 15% for long term capital gains.

If you improved the property, the expense of the improvements can be deducted from the gain in value of the property.

Posted: 5/18/2009 8:33:21 AM EDT

[#4]

Quoted:
You'll be taxed on the gain. I think the rate is 15% for long term capital gains.

If you improved the property, the expense of the improvements can be deducted from the gain in value of the property.

Thank you kindly. That would be very good to know.

Posted: 5/18/2009 9:16:49 AM EDT

[#5]

Make sure you consider all of the facts - is this business property? Was there any property included in the original purchase price that was subsequently depreciated or disposed of, or was it solely the land?

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