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I own 83 acres in Georgia and live in Florida. Does anyone know the IRS tax ramifications if I sell the land?

I've been pondering selling the land or developing it. However, I do not have any capital to improve or clear the land, which I inherited. Does anyone have any suggestions?

2 Answers

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  • Anonymous
    1 decade ago
    Favorite Answer

    You need to know the value of the land at the time you inherited it.

    Any gain since then is taxable, at most 15%. for federal purposes.

    Since the land is located in GA, you would also owe capital gains taxes there.

  • 1 decade ago

    The land is valued at its value when you inherited. If you sell for more, you have a capital gain, if less, capital loss. Hard, but not impossible, to get a mortgage on vacant land, easier for specific purpose, clearing, developing, building.

    Source(s): tax pro
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