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Capital gains on sale of land
I am 73 yrs old .I live in Hawaii, and live in my fully paid up house. I own the adjacent lot which I plan to sell. I do not plan to buy other property.
I understand I will have to pay Capital gains on the sale of the Land ,which will get a higher price than my purchase price. Is there anyway I can avoid Capital gains tax? |
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Forbes Welcome
Avoiding Capital Gains Tax When Selling Your Home: Read the Fine Print | Nolo.com See if there is new information in these articles, and answer back if you still need more. Wish I could buy some land in Hawaii! |
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You can avoid CG on your primary residence but not on adjacent lots. When did you purchase the house? Did the adjacent lot come with it or purchased later? Max capital gains for most people is still 15%, I believe, if you have owned the land 5 years but also depends on you taxable income.
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