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What are the tax implications of selling some vacant land in parcels? Land has been owned for over 20 years, it’s a couple acres that would be split into parcels.

LAGTX
Level 1
 
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sjrcpa
Level 15

The basis would be split between the parcels. Taxable gain or loss on each parcel sale.


Ex-AllStar

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11 Comments 11
sjrcpa
Level 15

The basis would be split between the parcels. Taxable gain or loss on each parcel sale.


Ex-AllStar
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LAGTX
Level 1
Great, that’s what I thought but wanted confirmation. Thank you
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IRonMaN
Level 15
Based on the facts presented the tax implications would be somewhere between zero and a gazillion dollars.

Slava Ukraini!
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George4Tacks
Level 15
A gazillion is way too much for 20 acres, even out here on the Left Coast.

Here's wishing you many Happy Returns
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LAGTX
Level 1
Maybe I worded it badly but I wanted to know how tax would be calculated, not monetary result. Thanks smart ass
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IRonMaN
Level 15
Sure, anytime.  Thanks for recognizing that I'm not a dumb ass.  There are way too many of those visiting here.

Slava Ukraini!
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abctax55
Level 15
"Maybe I worded it badly"  
Yes, you did.  That's why you got the answer you did.  
Ever hear the one about not shooting the messenger?
"*******Tax software is no substitute for a professional tax preparer*******
( Generic Comment )"
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George4Tacks
Level 15
@IRonMaN Did I see a "not helpful" on sjrcpa's post? I am getting my eyes surgered upon, but I didn't think they played that trick on me.

Here's wishing you many Happy Returns
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abctax55
Level 15
Susan had a no vote earlier....unless both of us are having the same vision problems.  
O/T - are you going to be subject to the power shutoff today?
"*******Tax software is no substitute for a professional tax preparer*******
( Generic Comment )"
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dd4vols
Level 10
Level 10
Captial Gains tax rate would most likely be applicable....but most competent tax preparers would know that already.   Maybe the vacant land owners can find one...……………...
If an answer solves your issue, click on the "Accept as Solution" button! Makes it easier for people to find answers to similar questions that have already been posted.
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abctax55
Level 15
LOL
"*******Tax software is no substitute for a professional tax preparer*******
( Generic Comment )"
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