Skip to main content
March 24, 2020
Question

Should I be paying capital gains on land sold in 2019 if, land was inherited in 2003, FMV in 2003 was $7950, sold for $15500 in 2019. My income was < $32000 in 2019.

  • March 24, 2020
  • 2 replies
  • 0 views
No text available

2 replies

March 24, 2020

wouldn't think so but we can't see your return.  

March 24, 2020

you might pay a SLIGHT amount.

 

if your income is $32,000 and the capital gains is $7,500, then the capital gains rate is 0% up to $39, 375.  You would pay 15% on the $125 that exceeds $39,375.

 

there may be state tax as well.