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6357
Level 1

Capital gain from sale of bare land inherited 30 yrs. ago Taxability rate fir a 76 yr.old retitree??

 
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Critter-3
Level 15

Capital gain from sale of bare land inherited 30 yrs. ago Taxability rate fir a 76 yr.old retitree??

If you cannot pay the entire balance due on the filing deadline then you can go on a payment plan HOWEVER they will continue to charge you penalties and interest (just like a credit card you pay monthly)  at a rate of about 23% per month.  So the faster you pay it off the better.     https://www.irs.gov/payments/online-payment-agreement-application

 

 

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Critter-3
Level 15

Capital gain from sale of bare land inherited 30 yrs. ago Taxability rate fir a 76 yr.old retitree??

Long term capital  gains are taxed at a max rate of 20% no matter how old you are however an extra 3% tax could be added depending on your other income.  

6357
Level 1

Capital gain from sale of bare land inherited 30 yrs. ago Taxability rate fir a 76 yr.old retitree??

Any way to pay the IRS over time?-not all at once?

Critter-3
Level 15

Capital gain from sale of bare land inherited 30 yrs. ago Taxability rate fir a 76 yr.old retitree??

If you cannot pay the entire balance due on the filing deadline then you can go on a payment plan HOWEVER they will continue to charge you penalties and interest (just like a credit card you pay monthly)  at a rate of about 23% per month.  So the faster you pay it off the better.     https://www.irs.gov/payments/online-payment-agreement-application

 

 

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