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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?

Anonymous

∙ 17y ago

Updated: 9/13/2023

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

∙ 17y ago

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