Have a Tax Question? Ask a Tax Expert
Hello and thank you for using Just Answer,Unfortunately you would pay tax on any gain form the sale unless the property was your main home for 2 out of the last 5 years prior to the sale.
The gain would be the difference in the cost (plus improvements) and the sales price (less cost to sale).
Minnesota includes all net capital gains income in taxable income and subjects it to the same tax rates as apply to other income.
Please let me know before you rate if you have any further info to add to your question.
The system says yo are offline but will advise me when you come back to view or leave another post.
Thanks I understand,have a nice day Tim
You are most welcome
Your positive rating is always thanks enough.If you could also participate in the very short survey that Just Answer will send you by e-mail I would appreciate that very much.I really enjoyed working with you – please feel free to request me again when you come back to ask another question.
When you visit your question homepage, you’ll see a link to request me again. This link displays and works whether I am online or offline.