Expert: William Cady Date: 5/7/2007 Subject: Selling raw land
Question My husband and I bought 6.3 acres 7 years ago in New Mexico. We were planning on retiring there but have since changed our minds. We live in California and are planning on selling our New Mexico property and buying property in California. We purchased the land for 42K and are looking to list at 140K. The land we are looking to buy is 299K. Do you get the same kind of capital gains tax on undeveloped land as you do when you sell a home?
Where can I find out more information on this question.
Answer Sounds like you're going to make a nice little profit when you sell your property in New Mexico
Your best course of action is to talk to a CPA or a tax attorney. They will quickly be able to provide you with the information that you need.
