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    Pies46's Avatar
    Pies46 Posts: 1, Reputation: 1
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    #1

    Mar 18, 2007, 12:37 PM
    Tax % on Sold Lot held over 30 years
    Bought a vacant lot in 1972, sold it last year. I have long term carryover loss, but my ? Is at what tax rate should I use to calculate the basis for the lot. My tax bracket is 15%, but I understand that, for any assets held for a long period it should be bracketed at 8% or thereabout. Maybe I am not making myself clear.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
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    #2

    Mar 21, 2007, 11:17 AM
    The sales of your vacant lot is the sale of a capital asset, so capital gains rates apply.

    If your marginal tax rate is 15%, then YOUR capital gains rate is 5%.
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