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Getting ready to sell some land for about115,000.0 trying to figure out the taxes we will be paying in 2015?
In order to figure the tax on the land, we need to do your entire tax return since many factors are involved. The most important is the basis of the land. For example, if you purchased the land for $65,000 more than a year ago, your gain is $50,000 and your tax would be at…

ost 23.8% of your gain, or about $12,000. There may be ways to minimize your tax depending on how you structure the sale. Consult with a local tax advisor before you sell the property.


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