Welcome back! Ask questions, get answers, and join our large community of tax professionals.
cancel
Showing results for 
Search instead for 
Did you mean: 

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.

Highlighted
Level 1
 
Labels (1)
0 Cheers
1 Solution

Accepted Solutions
Highlighted
Level 14

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


ex-AllStar

View solution in original post

0 Cheers
11 Replies 11
Highlighted
Level 14

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


ex-AllStar

View solution in original post

0 Cheers
Highlighted
Level 1
Great, that’s what I thought but wanted confirmation. Thank you
0 Cheers
Highlighted
Level 15
Based on the facts presented the tax implications would be somewhere between zero and a gazillion dollars.
I want to stay healthy so I am social distancing from Intuit.
0 Cheers
Highlighted
Level 15
A gazillion is way too much for 20 acres, even out here on the Left Coast.

ex-AllStar
0 Cheers
Highlighted
Level 1
Maybe I worded it badly but I wanted to know how tax would be calculated, not monetary result. Thanks smart ass
0 Cheers
Highlighted
Level 15
Sure, anytime.  Thanks for recognizing that I'm not a dumb ass.  There are way too many of those visiting here.
I want to stay healthy so I am social distancing from Intuit.
0 Cheers
Highlighted
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?
Former Chump... umm.... AllStar.
If a post answers your question, click on *Accept as solution* for future searches
0 Cheers
Highlighted
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.

ex-AllStar
0 Cheers
Highlighted
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?
Former Chump... umm.... AllStar.
If a post answers your question, click on *Accept as solution* for future searches
0 Cheers
Highlighted
Level 8
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 posed.
0 Cheers
Highlighted
Level 15
LOL
Former Chump... umm.... AllStar.
If a post answers your question, click on *Accept as solution* for future searches
0 Cheers