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I am in the process of selling an undeveloped lot of land in…

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I am in the...

I am in the process of selling an undeveloped lot of land in Arizona. It will sell for exactly the amount listed in the county assesors office as FCV. The lot is paid for and all I pay is yearly taxes on it. What can I expect as far as IRS expectations might be for the year?

Accountant's Assistant: The Accountant will know how to help. Is there anything else the Accountant should be aware of?

I don't know what the buyer is expecting to do with the lot. I will have to remove a solid wood fence and a tool shed from the property when sold. I don't know what else to share as this is totally new for me.

Submitted: 3 months ago.Category: Tax
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3/21/2018
Tax Professional: Robin D., Senior Tax Advisor 4 replied 3 months ago
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 18,050
Experience: 15years with H & R Block. Divisional leader, Instructor
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Hello, I'm Robin. Welcome to JustAnswer. I'm reviewing your question now and typing up my reply. I'll post that in just a few moments.

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Tax Professional: Robin D., Senior Tax Advisor 4 replied 3 months ago

When you sale the lot you will need to report that on form 8949 when you file your return for 2018. You will pay tax on the gain. The gain is the difference in the original cost and the sale price less cost to sale.

If you sale for more than you purchased you will pay tax on that amount.

The tax rate is determined by your total income for the year.

Please let me know if you need more information.
If not then please scroll up to see the STARS to rate so I am credited.

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