Have a Tax Question? Ask a Tax Expert
Hi, my name is*****'m a CPA with 25 years experience. I'm glad to answer your question. If you have a capital gain on the sale of the 9 acres, then yes, you would pay capital gains tax. Let me explain.
It was great to meet you over the phone. The 2016 capital gains rate is 15% for most taxpayers. -Rick
Dee, please feel free to ask me for help in the future. Have a good night!
Hi Dee, some real estate brokers are required to file 1099-S. Your broker should be able to tell you if they are doing so and what the numbers will be (your accountant needs to know). For the 10 acres, whether there is a 1099 depends on whether it is a private transaction. -Rick