First of all, congratulations on your purchase.
- In regards to the lot, there are no income taxes to pay. You may have county or state property tax but no federal income tax.This is the same for the house.
- You wouldn't need to worry about capital gains tax until you sold both properties.
Capital or rordinary gains are determined by taking a difference between the (selling price- settlement costs) - (what you paid for it +cost of improvements+settlement costs)
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