Taxes On Property Owned 1.5 Years

If I have owned a parcel of land for 1.5 years and sell it, using the profits to pay off my primary residence, what taxes will I be responsible for. P.S. I live in North Carolina.

Comments(1)

  • finniganps26th May, 2006

    If you sell the property and do not invest the proceeds into other investmetn property through a 1031 exchange, you will be subject to capital gains on the transaction described. Paying off your mortgage with the proceeds does nothing to lower your taxes on the land sale - be sure to save enough of the proceeds to pay your fed and state tax bills on the land sale.

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