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January 21, 2025
Question

do I have to claim profit if I sold land in 2024 as my income?

  • January 21, 2025
  • 1 reply
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bought land in 2019 for $35000 and sold in 2024 for $89900.

    1 reply

    January 21, 2025

    Yes, you would need to include this income on your 2024 return.  This would be taxed as a capital gains sale.

     

     Depending on your overall income, your capital gains income tax rate will be either 0%, 15% or 20%. The capital gains rates for 2024 are as follows:

    • Zero percent rate for the following income
      • $47.025 for single or MFS
      • $63,000 for HOH
      • $94,050 for Married Filing Jointly
    • Fifteen percent for income more than above but less than below
      • $291,850 for MFS
      • $518,900 for Single
      • $551,350 for Head of Household
      • $583,750 for Married Filing Jointly
    • Twenty percent for income over the 15% limits

    The rest of your income, other than the capital gains income, will be taxed at your ordinary tax rate

     

    Where do I enter the sale of a second home, an inherited home, or land on my 2024 taxes?

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