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jhs45
New Member

I want to sell my 20-acre open-range property in Montana for a $150,000 profit. What is my capital gains tax obligation?

I have owned the land for 3 years.
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2 Replies

I want to sell my 20-acre open-range property in Montana for a $150,000 profit. What is my capital gains tax obligation?

For the 2024 tax year, individual filers won't pay any capital gains tax if their total taxable income is $47,025 or less. The rate jumps to 15 percent on capital gains, if their income is $47,026 to $518,900. If filing jointly the top for zero percent is $94,050.

rjs
Level 15
Level 15

I want to sell my 20-acre open-range property in Montana for a $150,000 profit. What is my capital gains tax obligation?

Note that the income brackets that Bsch4477 listed apply to total taxable income including the capital gain.

 

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