What is the name of your state?What is the name of your state? Texas
I am purchasing a piece of vacant land that is very underpriced. It consist of 2 residential lots. I am thinking of buying both lots, but selling one shortly afterward for the equivelant of the entire purchase price, thereby getting free land. Can anyone help me with the capital gains tax implications of my plans? There is a wealth of info on the IRS website, but it takes a PHD to decifer it all.