Posted on: 13th Aug, 2010 04:39 pm
bought land in Georgia for $22,000. (8.6 acres) about 14 yrs. ago. If sold for 80,000. what would capital gains tax be?
Hi Guest,
The capital gains taxes would be calculated depending upon the amount of profit you receive by selling off the property. You bought the property for $22,000 and sold it off at $80,000. Thus, your profit is $80,000 - $22,000 = $58,000. Thus, your capital gains tax would be calculated on $58,000.
Thanks
The capital gains taxes would be calculated depending upon the amount of profit you receive by selling off the property. You bought the property for $22,000 and sold it off at $80,000. Thus, your profit is $80,000 - $22,000 = $58,000. Thus, your capital gains tax would be calculated on $58,000.
Thanks