Selling Land

scsims

10 pointer
Oct 14, 2003
1,786
Mercer/Washington County
I don't have my land listed right now, but received an offer worth considering.

I've never sold real-estate privately and was wondering what I needed to do.

Do I need a lawyer to draw up papers of any kind?

Will I have to pay any taxes, sales or income?
 

Dev

10 pointer
Jan 3, 2005
1,816
Den tree in Northern KY
We sold our house a few years ago. We had an attorney draw up the paper work. It took a couple weeks for them to get that done. I think it was around $300 to have everything done
 

CHL

10 pointer
Jul 14, 2008
1,762
Central KY
Not necessarily killed with capital gains. After owning the land for one year you'll pay 15% (capital gains) on your profit...not too bad.
 

SmokeShow

10 pointer
Nov 11, 2013
1,169
Not necessarily killed with capital gains. After owning the land for one year you'll pay 15% (capital gains) on your profit...not too bad.

Not too bad?! Paying capital gains tax is an absolute farse to begin with IMO! Paying one penny is ridiculous!

Anyways, You can get packages of all the papers you need on I believe it's LegalForms.com or LegalZoom.com or something like that. Even has state-specific stuff IIRC.
 

EdLongshanks

12 pointer
Nov 16, 2013
19,463
Northern Kentucky
Isn't capital gains up to 22-25% now? If it is sold in less than a year isnt it taxed as income? If you take the gains and use it towards another property, can't you defer the taxes until later?
 
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SmokeShow

10 pointer
Nov 11, 2013
1,169
Whereabouts is the land? Care to share what you were offered per acre?

I'd love to get some land in AC here before too many more years.
 


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