How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Richard Your Own Question
Richard, Tax Attorney
Category: Tax
Satisfied Customers: 53669
Experience:  29 years of experience as a tax, real estate, and business attorney.
Type Your Tax Question Here...
Richard is online now
A new question is answered every 9 seconds

I about about to sell some land in North Carolina and I live

Resolved Question:

I about about to sell some land in North Carolina and I live in Virginia. What should expect as far as taxes/fees on selling the property? The actual money from the sale will go to the ex-wife for the divorce settlement. If you cna help with an answer it would be appreciated. Thanks
Submitted: 4 years ago.
Category: Tax
Expert:  Richard replied 4 years ago.

Good afternoon. NC has a transfer tax of $1/$500 in price. Also, you would expect to pay a 6% sales commission, and approximately another 1% in other closing costs, including title policy.



I hope this has given you information that has been helpful to you. I wish you the best of luck!


If you have a follow-up question, please remember that there might be a delay between your follow up questions and my answers because I may be helping others or taking a break.


If I have adequately answered your question, even though the answer might not have been the one for which you hoped, I would appreciate it if you would please click the GREEN ACCEPT button so that I receive credit for my work; otherwise, though you have made a deposit, I do not receive credit.


If you need additional clarification on this question after clicking ACCEPT, please do not hesitate to click Reply and I will be happy to do what I can to help you further. Thanks for allowing me to be of service to you.


Please be aware that the information provided here is not legal advice. Rather it is simply general information. All states have intricacies in their laws and any information given is simply information only and specifically is not intended to be, nor does it constitute, legal advice. This communication does not establish an attorney-client relationship with you. I hope this answer has been helpful to you.


Customer: replied 4 years ago.
Considering I live in Virginia should I expect pay here also? What are the effects on my income taxes?
Expert:  Richard replied 4 years ago.
You won't pay additional taxes in income except for capital gains.....15% at the federal level (unless you are in the 0% to 15% marginal income tax rate)
Customer: replied 4 years ago.
I am not the best on taxes so let me throw some numbers at you and see if you can give me a little more detail: If I make 90,000 a yr and I sell the land for 50,000 what does it do to my tax bracket?
Expert:  Richard replied 4 years ago.

I don't know your filing status or your other deductions. But you would likely owe 15% times the gain on the land...i.e., sale price (less closing costs) in excess of your basis) on the Federal level. And I don't know what the VA. state capital gains tax rates are.

Richard and other Tax Specialists are ready to help you

Related Tax Questions