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Level 1

Question

Do you have to pay property gains on land sold in Florida if you make less than $45,000 a year married filing jointly?

Forum|Forum|2 years ago
January 8, 2024
2 replies
43 views

Selling land in Florida but I live I Illinois.

TurboTax Online

Level 15

You don't say the amount of gain or if it is long-term or short term (held more than one year or held for one year or less). Short term gains are taxed as ordinary income.

For long term gains, with a gross income of $45,000 and married filing jointly, the first $72,150 of gains will be taxed at zero percent, and the next $464,000 of capital gains will be taxed at 15%. If more than that, the remaining amount is taxed at 20%.

Alumni - Intuit

There is no state capital gains tax in Florida, as the state has no state income tax at all. But as @Opus17 mentioned above, you might have to pay federal capital gains taxes when you sell your property.

The sale is considered investment sale. When you enter your info in the investment section, TurboTax will calculate any capital gain that you might owe .

Where do I enter the sale of a second home, an inherited home, or land on my 2023 taxes?

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