do I have to claim profit if I sold land in 2024 as my income?

[philippovamarina1]

bought land in 2019 for $35000 and sold in 2024 for $89900.

[Vanessa A]

Yes, you would need to include this income on your 2024 return.  This would be taxed as a capital gains sale.

 Depending on your overall income, your capital gains income tax rate will be either 0%, 15% or 20%. The capital gains rates for 2024 are as follows:

• Zero percent rate for the following income
  • $47.025 for single or MFS
  • $63,000 for HOH
  • $94,050 for Married Filing Jointly
• Fifteen percent for income more than above but less than below
  • $291,850 for MFS
  • $518,900 for Single
  • $551,350 for Head of Household
  • $583,750 for Married Filing Jointly
• Twenty percent for income over the 15% limits

The rest of your income, other than the capital gains income, will be taxed at your ordinary tax rate. 

Where do I enter the sale of a second home, an inherited home, or land on my 2024 taxes?