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Old 10-27-2010, 05:25 PM
 
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does anybody know how much fed tax u pay for selling land in hubert nc
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Old 10-27-2010, 07:26 PM
 
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You will pay tax on the difference between the sales price and your cost basis. The applicable rate depends on how long you've owned the land (short-term vs. long-term capital gain rates). Long-term rates are lower (5% to 15% depending on certain factors). Short-term gain would be taxed at ordinary income rates, around 30-35% or more depending on your bracket.
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