Q: I am in the 15% tax bracket. I bought 10 acres for $170k and sold it for $2.5 million. Do I pay capital gains tax?
My wife and I are in the 15 percent tax bracket. We made a good investment in 10 acres of land near The Villages, FL. We bought it in 2006 for $170,000 and am in the process of selling it for $2.5 million. Since we are presently in the 15% tax bracket, do we have to pay Capital Gains Tax on our profit? We are also selling our home on 1 acre of land for $500,000. Do we pay tax on either sale?
A: Most likely Yes. Unless you do a 1031 exchange.
A: Two million or so profit and you ask for tax advice here? Pay a little to a good tax accountant.
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