Stu,

thanks for the response. I had already given you the
answers to your questions on my earlier posts. I live in
WI, my tax bracket is 28% and I bought the property in 2003.
Well, as you've said, it's best for me to see a local tax
professional.

Max

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"lha" <lha_in[at]yahoo.com> wrote:

- quote -

Your post was certainly responded to. But you're right, no
definite answer was given. The reason was that no one can
give you a specific answer without knowing a heck of a lot
more about your specific finances and the specific
transaction to which you are referring.

First of all, there are two capital gain rates for federal
income tax, and the rate will vary depending on how long you
have owned the property and depending on how much other
taxable income you have. There may well be two (or more)
capital gain rates in Florida.

Next, to determine whether tax will be owed in the state
where you currently reside, we must know what that state is.
After knowing that, additional information will likely also
need to be known, based on the requirements of that
particular state.

In short, your question is much too complex to deal with
briefly, particularly when you have given us so little
information. You will do best to see a local tax
professional who is familiar with taxing income earned in
other states.

Stu

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What are you talking about? You don't think I can see all
these on google? No one really gave me a definite answers
yet that's why I said I'm still waiting.

Max (lha)

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What are you talking about? You don't think I can see all
these on google? No one really gave me a definite answers
yet that's why I said I'm still waiting.

Max (lha)

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- quote -

It's going to be a long wait. I was feeling especially
charitable and sent an e-mail response telling him to Google
it if he wasn't getting it through Usenet. Bogus address.

--
Phil Marti
Clarksburg, MD

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lha wrote:

- quote -

I suspect he/she is waiting to hear by email! You suppose?

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"lha" <lha_in[at]yahoo.com> wrote:

- quote -

Buying additional property with the proceeds of a sale
doesn't exempt you from paying tax on the gain.

--
Tom Healy, CPA
Boulder, CO
Web: http://www.tomhealycpa.com

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"lha" <lha_in[at]yahoo.com> wrote:

- quote -

There have been several responses. If your news server
doesn't have them, try Google.

--
Phil Marti
Clarksburg, MD

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Would someone reply to this post? I'm still waiting to hear
from you all, the experts. One additional question, after
my land is sold I'd like to purchase, either a house or more
land with the profits, would this exempt me from paying
capital gains tax?

lha

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Drew Edmundson <drewsbeagles[at]hotmail.com> wrote:
- quote -

I think I should clarify my post above. SC does not tax out
of state gains for residents. So an SC resident who sells
NC real estate doesn't pay tax on the gain to SC but should
pay it to NC. See SC 1040 Line 37.

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Phil,

I bought the property in 2003. My home state is Wisconsin.
My tax bracket is 28%. Do these info help?

Since FL doesn't have state income tax, this means I owe FL
nothing?

Thanks for the response.

lha

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"Phil Marti" <prm20871[at]verizon.net> wrote:
- quote -

SC generally doesn't tax gain from out of state real estate
sales.

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"lha" <lha_in[at]yahoo.com> wrote:

- quote -

Assuming you've owned the land at least 1 year before sale the
gain will be taxed at either 5% or 15%. FL doesn't have an income
tax AFAIK.

- quote -

Probably. I'm not aware of any state that would exempt it, but
telling us what state you live in would probably get to an
unequivocal response.

--
Phil Marti
Clarksburg, MD

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Newsgroups: misc.invest.real-estate,misc.taxes.moderated
THIS WAS NOT CROSSPOSTED.

To all:

can someone shed light for me on capital gain tax? I have a
piece of land down in Florida and wanted to sell it now. What
is the capital gain tax rate on Federal and what's the rate for
Florida? I don't live in Fl, do I have to pay tax for the
state that I currently reside?

Thanks in advance.


lha

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