Posted on: 15th Feb, 2009 10:28 am
We bought 3 1/3 acres 19 years ago for 8k. Selling it for 50k. what tax rate do we have to pay. We're using the 50k to build a garage and make major improvement on the current resident. Husband is retired (60yrs old) and I'm still working (age 56). Our combined income in 84k
Hi Acombs,
The capital gains tax will depend upon the profit that you're earning due to the sale of the land. It will be better if you can contact a tax adviser and take his opinion regarding this issue.
Thanks
The capital gains tax will depend upon the profit that you're earning due to the sale of the land. It will be better if you can contact a tax adviser and take his opinion regarding this issue.
Thanks