Posted by David Krulac on November 18, 2004 at 22:34:29:
Federal capital gains income tax would be sales price minus sale expenses minus purchase price minus purchase expenses = capital gain. In your case it would be less than $290,000. the tax rate is 15% or $43,500 owed to the Fereal IRS. I don’t know what the Me tax would be, if any.
Capital Gains - Posted by George R. Driscoll
Posted by George R. Driscoll on November 18, 2004 at 12:21:27:
I purchased vacant land in New York several years ago for 110k and recently sold it for 400k. I am a resident of Maine and I was wondering what I could expect to pay in taxes and to whom.Thanks
Re: Capital Gains - Posted by Diane (TX)
Posted by Diane (TX) on November 18, 2004 at 22:54:05:
You’ll pay 15% to the IRS. (You may be affected by alternative minimum tax, in which case you can pay up to 7% more.) You’ll pay an amount that depends on your personal tax situation to New York State. That will probably be around 7%. You may also owe city taxes. Also, NY state wants you to pay estimated taxes on your gain.
I’d suggest having an accountant look at this.