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Selling Vacant Land
Q:
Subject: Vacant Land
If I sale my vacant land and meet all requirements can I still take an Exclusion on the land without the sale of my residence? Still confused about the tax law/ publication #523 any response would be greatly appreciated! Thanks
A:
You didn't say if the vacant land was connected to your primary residence or not.
I have a section on this topic on my page on home sales.
Unless you are planing to sell your home within two years of the separate sale of adjoining bare land, it will not qualify for any exclusion of gain.
You really need to be working with a professional tax advisor to see if there will even be any capital gains taxes on the land sale. There is a special zero percent tax on some gains for some people in 2009 and 2010 that you might be able to utilize.
Good luck.
Kerry Kerstetter
Follow-Up:
KERRY, Yes the vacant land is connected to my primary residence. Thank you for the current reply.
Labels: 121
- posted by Kerry M. Kerstetter, MBA~CPA~ATP~ATA @ 3/09/2009 05:42:00 PM Send this post:
