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I live in wv I bought vacant land ,500. in 2007. and had to

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I live in wv I...
I live in wv I bought vacant land for 42,500. in 2007. and had to finance 36,000. in December of 2015 I sold land for 50k. I still owed 12k to the bank. so I got a net check around 37k. do I pay taxes on the 8k difference in bought and sold amount or do I pay taxes on the full 37k? on turbo tax I was getting 6k in fed and 300. in state and after I entered my land sell it jumped down to owing fed 3k and state 3k. that's like 12k difference what gives? I haven't submitted anything yet
Submitted: 1 year ago.Category: Tax
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Answered in 1 minute by:
3/25/2016
Tax Professional: Megan C, Certified Public Accountant (CPA) replied 1 year ago
Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 16,581
Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
Verified

Thank you for your question.

You will pay tax on the $8K value -- not the whole $37K. I can't speak to what the software is doing, but that's the proper amount to pay the tax on.

Please let me know if you need anything additional. If not, please rate positive.

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Megan C
Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 16,581
16,581 Satisfied Customers
Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

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