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 Wallstreet Esq. Your Own Question
Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: Tax
Satisfied Customers: 577
Experience:  10 years experience
16356563
Type Your Tax Question Here...
Wallstreet Esq. is online now
A new question is answered every 9 seconds

I am selling property in Tn, 55 acres. I live in GA, my

Customer Question

I am selling property in Tn, 55 acres. I live in GA, my wife, separated lives in PA. Our last years AGI was 38K. My asking price is 440,000. What capital gains taxes, fed and state, will we have to pay?
Submitted: 1 year ago.
Category: Tax
Expert:  Tax.appeal.168 replied 1 year ago.

The amount that you will have to pay in capital gains tax depends on how much of a gain you incur. What is the cost basis of the land, the original purchase price of the land? I see that you are planning to sell the land for $440,000. In order to determine your true capital gains, you start with the cost basis, then subtract the selling price. If the selling price is more than what you paid, you have incurred a gain. Based on your AGI, you will likely pay 15% on the capital gains.

Related Tax Questions