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

[jhs45]

I have owned the land for 3 years.

[Bsch4477]

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]

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