edwgc61
New Member

I purchased a vacant lot in 2013 for 45,000 and sold it for 51,000 in 2015. Paid over 6K in settlement fees but received 19K at sale. Are the 19,000 taxable?

Purchased a lot in 2014 for 45,000 (with 12,000 down payment).  After settlement fees (realtor, closing, taxes) final price was 47,066.  Sold the property in 2015 for 51,000 but incurred in 5,500 in settlement fees (realtor, closing, taxes) but received 19,000.  Are any of the 19,000 taxable?  Numerically I suffered a loss.