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I bought land in 2004 to build a house on. I sold the land in 2008. Do I have to rpeort the sale?
Submitted: 290 days and 12 hours ago.
Category: Tax
Value: $15
Status: AWAITING EXPERT REPLY
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Posted by
Marvin,EA
290 days and 11 hours ago.
Answer
Hello and thanks you for using Just Answer. If you sold the land for a gain you must report the gain from the sale of the land as long-term capital gain on your federal income tax return.
290 days and 11 hours ago.
Reply
Even on land that is just for personal use? Is that schedule D?
Accepted Answer
Yes, you will report any gains from the sale of the land on Schedule D as long-term capital gain.
Expert:
Marvin,EA
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98.5 %
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Answered:
2/5/2009
Enrolled Agent
10 years self employed , Income Tax Preparation & Representation
290 days and 11 hours ago.
Reply
Ok -Thank you.
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