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starlink11

Selling your land but keeping your house. Taxes?

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Hello, I am thinking about possible selling  of my land of several acres. I will keep only my house on the land. 

 

Could you please help me with my questions?

 

1)What is the percentage of taxes that I will pay for such a sale?

 

2)What if a buyer is able to pay the full amount not right away, but in a certain amount of time, from 1 to 5  years, just doing monthly payments? How do I pay taxes in this case?  What is their percentage? 

 

3) Is there a web page, or any other source where  I could  find out an approximate price that an acre sells for in my location? (TX).

 

Thank you for your help!

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There's a tax attorney who participates here that may answer 1 and 2.

 

As for 3, try Zillow:

 

https://www.zillow.com/

 

Zillow is not entirely accurate but will give you a ball park value for your property as compared to other similar properties and you can also see which ones have been sold.

 

You can also figure out how much of your acreage you want to sell and look for values of similar sized lots that are unimproved.

 

 

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1.  Look at your real estate tax bill.  It will break out the assessment and taxes between the land and appurtenances (structures).

 

2. It's called a mortgage.

 

3. Try www.realtor.com in your area and look under land.

 

BTW, no one is going to buy your land without also buying the house.  You might be able to subdivide the land into two parcels, one of which will include the house.  Effectively that would be what you would have to do if you wish to keep the house, and the land under it, and the driveway, and yard, etc.

 

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16 hours ago, starlink11 said:

I am thinking about possible selling  of my land of several acres. I will keep only my house on the land.

 

The likelihood that you could find a buyer willing to allow you to remain in the house as a tenant is probably exceedingly small.

 

 

16 hours ago, starlink11 said:

What is the percentage of taxes that I will pay for such a sale?

 

Depends on a lot of info we don't have.  You can google "federal capital gains tax rate" for more info.

 

 

16 hours ago, starlink11 said:

What if a buyer is able to pay the full amount not right away, but in a certain amount of time, from 1 to 5  years, just doing monthly payments? How do I pay taxes in this case?  What is their percentage?

 

Consult with a tax advisor/CPS/tax attorney.

 

 

16 hours ago, starlink11 said:

Is there a web page, or any other source where  I could  find out an approximate price that an acre sells for in my location?

 

I'm sure there are tons of them.  Use google.

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18 hours ago, starlink11 said:

Hello, I am thinking about possible selling  of my land of several acres. I will keep only my house on the land. 

 

Could you please help me with my questions?

 

1)What is the percentage of taxes that I will pay for such a sale?

 

2)What if a buyer is able to pay the full amount not right away, but in a certain amount of time, from 1 to 5  years, just doing monthly payments? How do I pay taxes in this case?  What is their percentage?

 

Texas does not have an income tax. As for federal income tax, the rate of tax you pay on capital gain from the sale depends on how long you have owned the property and what total income you have. If you have held the property at least one year you qualify for the lower capital gains rates. The maximum long term capital gain rate is 20%. If the buyer pays in installments that cannot all be paid in the same year as the sale, then the tax is spread out out over the years that the payments are made under the installment payment rule.

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In Texas, a landowner can sell the land and retain ownership of the mineral rights in the land.

Whether it is a good idea to do that in a particular instance is probably too complicated a topic for this message board.

 

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