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Sold Land for $109K purchased for $89K,15 yrs ago had a second out on the land,any other expenses/deductions I can use to help reduce what the IRS sees as a $20K profit?
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Purchase price + cost to purchase + cost of improvements over the years you owned the property (if any) + cost to sell = basis
Selling price - basis = profit
Owning it for more than 1 year gets you a lower tax rate on the capital gain. Review the QDCGT worksheet to see how that is being calculated.
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