M
Mshore
Guest
What is the name of your state? North Carolina
I was given 5 ac. of land by my mother in November 2002. It was land that was given to her by her mother more than 30 years ago. I was planning to build a house on the land, but decided to sell the land and build at a different location. The land is under contract to be sold and I have identified the land that I want to purchase to build my house on. The question is: Do I owe Capital Gains Tax on the land since I'm selling it so close to the time it was given to me? I got no better than the average going price for the land and I will be paying more for the land I am buying.
I was given 5 ac. of land by my mother in November 2002. It was land that was given to her by her mother more than 30 years ago. I was planning to build a house on the land, but decided to sell the land and build at a different location. The land is under contract to be sold and I have identified the land that I want to purchase to build my house on. The question is: Do I owe Capital Gains Tax on the land since I'm selling it so close to the time it was given to me? I got no better than the average going price for the land and I will be paying more for the land I am buying.