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Level 2
December 7, 2019
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What are the tax implications of selling some vacant land in parcels? Land has been owned for over 20 years, it’s a couple acres that would be split into parcels.

  • December 7, 2019
  • 2 replies
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Best answer by sjrcpa

The basis would be split between the parcels. Taxable gain or loss on each parcel sale.

2 replies

sjrcpa
sjrcpaAnswer
Level 15
December 7, 2019

The basis would be split between the parcels. Taxable gain or loss on each parcel sale.

The more I know the more I don’t know.
LAGTXAuthor
Level 2
December 7, 2019
Great, that’s what I thought but wanted confirmation. Thank you
IRonMaN
Level 15
December 7, 2019
Based on the facts presented the tax implications would be somewhere between zero and a gazillion dollars.
Slava Ukraini!
George4Tacks
Level 15
December 7, 2019
A gazillion is way too much for 20 acres, even out here on the Left Coast.
Answers are easy. Questions are hard!