If I sell vacant property in 2008, will be be able to take advantage of the lower capital gains rate?

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If I sell vacant property in 2008, will be be able to take advantage of the lower capital gains rate?

The lower capital gains rate laws that are due to expire in 2008, do they apply to real estate sales?

2007-04-01 11:05:00 · 1 answers · asked by mary margaret 1 in Politics & Government ➔ Law & Ethics

1 answers

Yes. Real estate is capital. If you realize a gain and sell this year, the tax on the gain is 15%. If the House Democrats get their way, the tax rate will revert to 25%.

2007-04-01 11:20:13 · answer #1 · answered by regerugged 7 · 0⤊ 0⤋