I sold property & sale + income is less than 99,00 what percentage is used 5 or 15%, 31 yrs owned?

Question

I owned this property 36 yrs, it was unimproved acreage only

Answer 1

That depends upon your marginal tax rate. If it's higher than 15%, it's normally 15%. If it's 15% or less, the rate is normally 5%. The net gain is taxable. That's the difference between your adjusted cost basis and the net proceeds from the sale.