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Capital Gains Tax On Land

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Leon Said:

Real Estate Capital Gain tax on land profit?

We Answered:

The gain on the sale of the land is fully taxable. If you owned it longer than 1 year, the gain will be taxed at the lower long-term capital gains rate, normally 15%.

There is no way to avoid the tax. The only way to defer the gain is with a Section 1031 Like Kind Exchange. That's probably not a realistic option, but it's the only one you have.

The old rules that allowed you to defer the gain on the sale of a personal residence were tossed over 10 years ago -- and wouldn't have applied anyway to raw land.

You can exclude up to $500,000 in gain on the sale of your principal residence if you lived in it for 2 of the 5 years immediately prior to the sale if you are married and file a joint return. The raw land is fully taxable as it can't be claimed as a personal residence.

Glen Said:

do I have to pay capital gains taxes on inherited land?

We Answered:

I am sorry to hear of your parents' deaths.

inherited property is "marked up" to the value it had at the death of its owner(s) for income tax purposes. What they paid for it years ago is no longer the "basis" (cost) for tax purposes.

thus, you will owe any long term capital gain tax only after you sell or trade the property and then, ONLY on the difference between the value when your parent died and what you sell it for.

the property tax assessor in your area likely has different rules.

Linda Said:

Capital gain tax paid on sale of a vacant land?

We Answered:

What type of company? C-Corp, S-Corp, Partnership?

A C-Corp does not have reduced capitial gains rates. As income from an S-Corp or Partnership flows through to the owners, the individual owners would receive the reduced rate.


If it is a single person LLC, all of the income and expenses are reported on the owner's return. As such, the owner would receive the reduced capital gains rate assuming that the land was held over 1 year.

Bertha Said:

Capital Gains Tax on inherited land?

We Answered:

Inheritance tax zeros out the capital gain so you would pay capital gains tax on the difference between the value at the time you inherited (even if the value was below the threshold) and the value on resale. Your Ad Here

Discuss It!

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With regard to paying capital gains on inherited property, is the amount based on theassessed value at the time of death or the actual valuewhich can be determined from past real estate property tax forms

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