Taxable sale????

[Shelby6718]

What is the name of your state (only U.S. law)? Oklahoma

Our home has approx 30 acres that go with it.We have owned and lived on this property since 1985. Since we are both over 62 and retired, we no longer need much of this property. The question is: Since this has been our principle residence for so long if we sell off 20 acres will we be obligated to pay federal taxes on this sale?
Thank You,What is the name of your state (only U.S. law)?

 

[FlyingRon]

The only exclusion on capital gains is for selling your principal residence. You'll have to pay taxes on the sale of land when the home is not included.