Skip to main content
May 24, 2024
Question

I want to sell my 20-acre open-range property in Montana for a $150,000 profit. What is my capital gains tax obligation?

  • May 24, 2024
  • 2 replies
  • 0 views
I have owned the land for 3 years.

2 replies

Employee
May 24, 2024

For the 2024 tax year, individual filers won't pay any capital gains tax if their total taxable income is $47,025 or less. The rate jumps to 15 percent on capital gains, if their income is $47,026 to $518,900. If filing jointly the top for zero percent is $94,050.

rjs
Employee
May 24, 2024

Note that the income brackets that Bsch4477 listed apply to total taxable income including the capital gain.