2007-12-21 01:56:32 · 4 answers · asked by malecon 1 in Business & Finance ➔ Renting & Real Estate
1800
2007-12-21 02:05:06 · answer #1 · answered by Landlord 7 · 1⤊ 2⤋
As far as unimproved land goes the tax owed would be on the $10,000 profit less of course any real estate fee`s if you incurred any. Less any payments you had made during that time. Have your tax man go thru it. You may end up owing not much as it could just fall under your income for the year. And that would depend on what your tax bracket would be in.
2007-12-21 02:21:31 · answer #2 · answered by Big Deal Maker 7 · 0⤊ 1⤋
First off, you'll owe short term capital gains on the $10,000 profit. The capital gains tax rate is based upon your income tax rate. Go see your CPA or H&R Block about his, as they will be able to tell you how much you will owe.
2007-12-21 02:26:32 · answer #3 · answered by trblmkr30 4 · 0⤊ 1⤋
You will owe short-term capital gains tax on the profit.
2007-12-21 02:08:09 · answer #4 · answered by npk 7 · 0⤊ 1⤋