Capital Gains Tax

[christie10001]

What is the name of your state? Mississippi

What is the capital gains tax on about 110K profit on sale of commercial,non-improved land?

What is the process?

Thank You

 

[EvilWizard]

Not trying to be too much of a smart@$$ but here is a good process to start with:

1. Goto https://forum.freeadvice.com/search.php?

2. Type in "Capitol Gains"

3. Hit Enter

4. Read Dozens of Capitol Gains posts prior to this one.

IF you find answer = 'YES' THEN don't post
ELSE post question.

Seriously too many ppl are not willing to do initial legwork here.

 

[christie10001]

I have already read material posted. Sorry if its just too difficult for you to help me. I really just thought there would be some basic rules/guidelines to follow. Thanks anyway.

 

[Snipes5]

5% or 15%, depending on your tax bracket.

The "process" is that you will receive a 1099S, listing the sale price. You have to know or figure the basis on your own, then put the info on Sch D on your individual tax return, unless of course you are a partnership or a corporation.

Snipes

 

[christie10001]

Thank You Snipes!