I received 2.5 acres after my grandmother passed and I am thinking about selling the land now. Will I have to pay Capital Gain or any other taxes. If so how much?
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I received 2.5 acres after my grandmother passed and I am thinking about selling the land now. Will I have to pay Capital Gain or any other taxes. If so how much?
You would have to pay the difference between the Fair Market Value at the time of your grandmother's death (stepped-up basis) and the sales price, minus the sales costs, at capital gains rates.
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