Can you defer or break up tax payments on the proceeds of the sale of land.?

Jan 23, 2008 by Andy F | Posted in United States

We recently received proceeds from the sale of land. There were several parties to this transaction. From what I can say my wife has been assigned its portion of the earth at the same time as the sale went through, so she never actually owned any of the land before the sale took place. We have set aside a portion of the proceeds to pay taxes, but I want to break the tax due on payments and spread.

in the circumstances you describe, no

taxes due under the estimated tax rules and regulations of final payment as described in the publications of the IRS. In addition, you have the funds to make payments.

you have no right to use tax money the government to invest or speculate in the markets with beyond what the law already allows.

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the only chance to do that would have required either an agreement Exchange 1031 [under which you receive no money but instead to another property] or an installment sale of property [in which you receive less than 30% of the amount due for the first year and regular payments thereafter].

Will I pay capital gains on my land sale?

Feb 28, 2007 by spelldine43 | Posted in United States

I live in Virginia but own land in Arizona I'd like to sell. I intend to use the land sale to pay off the existing mortgage on my primary residence in Virginia. Will I still pay capital gains? I have owned the land for three years and it has appreciated slightly. Thank you.

Yes.

You will pay capital gains tax on the earnings of federal Arizonza same time as income tax and Virginia. Virginia should give you a credit for taxes if Arizona.

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