Real Estate sale

Forum|Forum|1 year ago
June 26, 2024
1 reply
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We own a land that would like to sell this year and perhaps will be less than $100K, would this be considered as added to our SS income and taxed?

Ask the Experts - Retirement II - June 2024

KimberW

Yes, the gains from your sale of land will be taxable income to you. If you have owned it for more than year, then it would be subject to long-term capital gains taxes. Depending on your other income, this may be as low as 0%, but will probably be 15%.

The best idea would be for you to use TurboTax's Tax Calculator to get an idea of how your expected capital gains will impact your tax liability when you add it to your social security income. (Please note, the calculator is still showing 2023 tax rates but it will update soon to be 2024.)

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