Capitol Gains Tax On Land And Building

Have had land for 20 years, building built 16 years ago, have about $49,000.oo invested in this and have had a offer of 175,000.00. What kind of gains tazx will I be liabile for?



Have never delt with things like this before.

Comments(1)

  • NewKidinTown227th August, 2005

    The profit on the sale due to appreciation is taxed as a long term capital gain at 15%.

    The portion of your sale profit due to depreciation taken since May 1997 is subject to depreciation recapture at 25%.

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