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Hi. I sold fore acres of my land ,how ken i avoid paying TAX, ken i invest it in a IRA ore Mutual fund ?? |
Hi. I sold fore acres of my land ,how ken i avoid paying TAX, ken i invest it in a IRA ore Mutual fund ?? You will have tax due on the difference between the purchase price (adjusted for cost of sale and improvements) and the sale price. Depending on how long you owned the land that gain will be taxed at either your ordinary income rate or a capital gains rate of 5 or 15% (depending on your ordinary rate). Reinvesting the gain will have no effect on the tax you might owe. The only real way to lower your tax is to make sure that you have taken advantage of all available adjustments to the basis. You should have a tax professional advise you on those adjustments. Investing the money will not help you avoid the tax. |
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