E
Extortion
Guest
What is the name of your state? South Carolina
I sold Rental Residential Property in 2002 that I originally purchased in 1976 and changed to 1/3 rental in 1989, 2/3 rental in 1994 and 100% rental in 1998. I have a gain of about $2K on the sale of the building and about $8K gain on the sale of the land.
Without the gain on the sale of the property I would owe no tax due to my under $8K income in 2002.
Does the gain on the land qualify for the qualified 5 year gain tax rate?
Thanks for your help.
JJ.
I sold Rental Residential Property in 2002 that I originally purchased in 1976 and changed to 1/3 rental in 1989, 2/3 rental in 1994 and 100% rental in 1998. I have a gain of about $2K on the sale of the building and about $8K gain on the sale of the land.
Without the gain on the sale of the property I would owe no tax due to my under $8K income in 2002.
Does the gain on the land qualify for the qualified 5 year gain tax rate?
Thanks for your help.
JJ.