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    ledbetter's Avatar
    ledbetter Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Dec 29, 2010, 03:15 PM
    Taxes on land sold
    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's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    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.
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