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View Full Version : Taxes on land sold


ledbetter
Dec 29, 2010, 03:15 PM
We are about to sell some land, not our home, this is just land, for about $80,000.
Will we just pay regular taxes on that? Is there any way to put the money in a retirement account to reduce the taxes or any other way to reduce paying the full tax amount?
Thanks

AtlantaTaxExpert
Dec 29, 2010, 07:42 PM
Land is a capital asset, so its sale for a profit results in a capital gain.

You will pay capital gains taxes, probably at 5%, but no more than 15%. You are NOT going to do much better than that.