0
Lots of taxes. Many involved with the transaction..virtually nothing more than fee's. And of course you need to have all property taxes paid up till the time of transfer, which as many times that is paid in arrears standardly, is an addition. If you mean income /gain type taxes...of course that can't be determined just on sales price. It depends on your purchase price, and certain costs or improvements made over the period of ownership, and how it has been owned, and more.
Wiki User
∙ 14y ago
Add your answer:
Earn +20 pts
Is land sold need to be reported on taxes from an estate?
Yes someone is supposed to report the sale of the land from the estate and if pay any income taxes that may be due on the sale of the land from the estate. The trustee or administrator of the estate or the beneficiaries of the estate.
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?
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.
Is a tenant reliable to pay stamp duty land tax?
no the tenant is not obligated to pay the stamp duty or the land tax it is an obligation on the part of the owner or land lard to pay it
Do you pay federal income tax on sold land?
Sure, if you have a profit on the sale you will have to report it as well as your basis and the dates purchased and date sold. This is reported on Schedule D for most people unless you are in the business of buying and selling property, then it will need to be reported on Schedule C.
How much tax to be paid on property sold?
It's treated as capital gains; you only pay tax on the profit (the amount you sold it for, minus the amount you paid for it plus any improvements you made). "How much" varies, if you can't figure it out, you should probably consult a tax professional.
How much can you pay if you make 65000 per year and divorce your spouse who is not working?
I make 65000 a year and pay 841 a month for child support (three kids) and 450 a month for spousal support for two years. (married for five years)
Do you pay federal income tax on inherited land sold?
Yes it possible would have to pay some federal income tax on any gain from the sale of this land. This will depend on how long you have held the land after it was inherited and your adjusted cost basis of the land when it is sold and the use of the land before it was sold.
Which leader sold land for money to pay for his wars?
napoleon
What did the National Assembly do with Church land they seized?
A. They sold the land to pay off debt. B. They divided the land amongst the peasants. C. They used the land to compensate nobles who lost land. D. They redistributed the land equally amongst the people
If you make 65000 a year what is your hourly pay for 32 hours a week?
At $65000 per year your 40 hour per. week pay would be $1250 and that would mean you are making $31.25 per. hour
How did the pilgrims pay for there travel to america?
They had sponsors and sold all their land and most of their possessions.
What does web designing pay?
It is a high paying niche.You can earn around $23000-$65000 depending on your skill and ability.
How much did Roger Williams pay the natives for land for his colony of Providence?
HE DID NOT PAY THE INDIANS FOR LAND INSTEAD HE WENT AND FOUND UN OWNED LAND
How much does pound land pay workers?
vv
How much did Texas setlers have to pay for the land they bought?
Many of the Texas settlers had to pay the much amount of the land that the bought meaning if a Tejano bought a house on a full ground land for 15,000 dollars then that's how much they would pay to the old owner. Tracey Nichole Gordon.
How much for a zoo to buy a baby hippo?
Depends how much they are willing to pay & how much one is being sold for.
What did the national assembly do with the land they seized?
A. They sold the land to pay off debt. B. They divided the land amongst the peasants. C. They used the land to compensate nobles who lost land. D. They redistributed the land equally amongst the people
