Selling a plot of land - Property tax question
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odie
Apprentice
Joined: 02 Sep 2005
Posts: 5
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 Posted: 01/12/10 - 07:20 Post subject: |
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| I have recently been looking to sell a property. It is a plot of land. I would like to know what kind of tax do I pay on something like that. I am really not too experienced. Any kind of help would be very useful. Thanks in advance, I am very grateful. |
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cozmo
Apprentice
Joined: 17 Apr 2005
Posts: 5
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| Posted: 02/11/10 - 01:28 Post subject: |
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| Selling a plot of land results in a large income and triggers you paying capital gains tax. When it comes to CGT, it is usually applied to the income you get when selling your home. Moreover, it only applies for second property, not the one you live in. Since you are selling a plot of land you are not living at, you will be liable. That tax is not small and is between 20% and as much as 41%. Be sure to calculate any of your costs and expenditures you will be making later on considering the price you will have to pay on the tax I have just mentioned. I hope you find the info helpful. |
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