Tax Law (Questions About Taxes)/capital gains tax

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Question
my in come for this year 2013 will be less than 30000.00 in /march I sold some farm land for 250,000.00 will I have to pay  capital gain tax on this

Answer
That depends on whether you have a gain or loss - you will need to first determine your basis to determine if you have a gain or loss on the farm land sold (gain/loss = sale proceeds less adjusted basis). If there is a gain, it will be taxable.

Please see IRS Publication 551 for more info on basis.

Best regards,
Randall

Tax Law (Questions About Taxes)

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Randall Brody, EA, MBA, CCP

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