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You purchased land 20 years ago for 20000 and this year sold it for 17000 so do you have to pay taxes on the 17000 this year?
Wiki User
∙ 15y ago
No. This should be treated as a capital gain/loss. If you bought the land for $20,000 and sold it for $17,000 you do not have any income or a gain. On the contrary, you have a $3,000 capital loss which can be used to offset some of your income and decrease your taxes.
Wiki User
∙ 15y ago
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almost 2 years!
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17000
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It was 14 987B.C.
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Interest = Principal x rate x time 17000= 100000(0.10) t 17000=10000 t t=17000/10000 t=1.7 years
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20000 years
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22,011
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