Re: taxes on land sale

Posted by Blue3992 on September 28, 2006 at 14:36:59 from (152.163.100.74):

In Reply to: taxes on land sale posted by centmo on September 28, 2006 at 14:19:25:

I don't know nothing about nothing, but......

I second the advice of going to see a pro--a Certified Public Accountant (CPA), or someone else who knows how to keep your money safe.

Based on what I've heard, if you sell something like a large chunk of land, you are subject to Capital Gains tax. For the value you are talking about, I think those run as much as 50%. (ouch!)

Now, I think the way most people get around the Capital Gains tax is to take the money and reinvest it in more property. I think there are other games you can play with it to avoid the Capital Gains, like giving one-time gifts to relatives and what not.

Like I said though, consult a pro. The information in this thread is free, and worth what you pay for it.

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