This probably wouldn't work but you might consider treating
the vacant lot as an investment, rather than as part of your
home.

Rudy
www.LizcanoTaxServicesLLC.com

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >

I am getting remarried this spring and have my home up for
sale. It consists of 2 lots, totalling 11 acres. I am
considering selling the vacant lot, but I know I would be
subject to a capital gains tax. I need a ballpark on what i
might face as a tax burden, here are the particulars:

State SC
Original cost of lot - $16,000.00
Proposed sale cost - $75,000.00
Years owned - 7 (I actually owned one lot for 14 years)
No farming, no anything but living on it.

I just need to know if its suicide to sell just the vacant
lot as a separate unit. I understand selling the home (with
or without the vacant lot) would not subject me to CG's.

In the process of selling, I am discovering its harder to
sell 11 acres as one unit than to sell off the 2 lots
separately. I have lived on this land for 14 years and it
consists of 2 lots, one 6 acres (with the home) and one 5
acres (no home)

If I sell both of these lots in this calendar year, am I
subject to capital gains? Last night's responses caused me
to consider breaking this into 2 potential sales, but I will
most certainly move them both in '06.

Thanks for any guidance, references, etc.

chaz

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >