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.

[sjrcpa · Accepted solution]

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

[LAGTX]

Great, that’s what I thought but wanted confirmation. Thank you

[IRonMaN]

Based on the facts presented the tax implications would be somewhere between zero and a gazillion dollars.

[George4Tacks]

A gazillion is way too much for 20 acres, even out here on the Left Coast.

[LAGTX]

Maybe I worded it badly but I wanted to know how tax would be calculated, not monetary result. Thanks smart ass

[IRonMaN]

Sure, anytime.  Thanks for recognizing that I'm not a dumb ass.  There are way too many of those visiting here.

[abctax55]

"Maybe I worded it badly"  
Yes, you did.  That's why you got the answer you did.  
Ever hear the one about not shooting the messenger?

[George4Tacks]

@IRonMaN Did I see a "not helpful" on sjrcpa's post? I am getting my eyes surgered upon, but I didn't think they played that trick on me.

[abctax55]

Susan had a no vote earlier....unless both of us are having the same vision problems.  
O/T - are you going to be subject to the power shutoff today?

[dd4vols]

Captial Gains tax rate would most likely be applicable....but most competent tax preparers would know that already.   Maybe the vacant land owners can find one...……………...

[abctax55]

LOL