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Richard, Tax Attorney
Category: Tax
Satisfied Customers: 55605
Experience:  29 years of experience as a tax, real estate, and business attorney.
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I about about to sell some land in North Carolina and I live

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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: 5 years ago.
Category: Tax
Expert:  Richard replied 5 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.



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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 5 years ago.
Considering I live in Virginia should I expect pay here also? What are the effects on my income taxes?
Expert:  Richard replied 5 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 5 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 5 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.

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