Posted on: 24th Jan, 2011 08:06 pm
I bought a home in 2005. I lost the house in a hurricane and paid off the mortgage $177,000 and I did not rebuild and its a vacant lot.
Now its 2011, I am about to sale my vacant lot for $55,000. Do I have to pay any capital gains tax? Technically its a loss on my part.
Now its 2011, I am about to sale my vacant lot for $55,000. Do I have to pay any capital gains tax? Technically its a loss on my part.
Hi solrak!
Welcome to forums!
If you receive a profit from the sale of the lot, then you will be liable for paying capital gains taxes.
Sussane
Welcome to forums!
If you receive a profit from the sale of the lot, then you will be liable for paying capital gains taxes.
Sussane