2006-12-26 09:26:50 · 4 answers · asked by ed 1 in Business & Finance ➔ Taxes ➔ United States
Your gonna need an accountant on this. Remember, if this is property you purchased say for 60,000 and resell at 90,000, you will only be taxed on your profit 30,000. Capital gains tax is the same regardless of state.
2006-12-26 12:06:53 · answer #1 · answered by rwhz199 4 · 0⤊ 0⤋
Federal - If you held the property over 1 year, you would pay 15% capital gains tax on the profit. If you held it 1 year or under, it would be taxed at your regular rate (up to 35%).
State - If your state has an income tax, the gain would be taxed as normal. I know of no state that has separate capital gains rates.
2006-12-26 09:46:29 · answer #2 · answered by Wayne Z 7 · 1⤊ 1⤋
whatever the land taxes are for a certain county with no dwelling-- the state will charge a sales tax-- in oregon about 6%-- you can always avoid lots of taxes if you re-invest in another property ( capital gains)
2006-12-26 09:36:31 · answer #3 · answered by james_a_willis 3 · 0⤊ 1⤋
It depends where it is at and how much you sell it for, your would have to find out at your local tax office or courthouse.
2006-12-26 09:46:33 · answer #4 · answered by vicki m 1 · 0⤊ 0⤋