I bought house with land about 5 years ago for a little north of $700k in rural Collin County. I have a company offering to buy 1.5 acres of the land for almost $200k.
I’d rather not sell; however, that may be too much to pass up.
If I were to pull the trigger would I be responsible for the 15% capital gains tax, or would it be a non taxable event since the sale does not exceed what we paid for the home? I figure we’ll have to pay now, but curious if any experts had any insight.
I’d rather not sell; however, that may be too much to pass up.
If I were to pull the trigger would I be responsible for the 15% capital gains tax, or would it be a non taxable event since the sale does not exceed what we paid for the home? I figure we’ll have to pay now, but curious if any experts had any insight.
