Posted by rpirkle1 on November 14, 2011 at 10:04:28 from (71.59.9.111):
In Reply to: OT:Capital gain posted by coloken on November 14, 2011 at 07:37:13:
My recollection from seeing my parents deal with it is ~15%. Capital Gains calc involves (best I recall) basis (your original cost), improvements cost, improvement depreciation and then sale price.
Also... have this vague recollection that there's a way to defer/reduce the CG tax on it if you buy something functionally equal within a certain period (maybe 2 years) so if you sell 40 acres... and buy 40 somewhere else cheaper there's a way to either defer or avoid the tax man
And yes... at a 6 figure discussion you need to be talking to a tax specialist before the sale.
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