Sale of real property (part of residential property) and tax liability? - land development deals
Investors want to buy many of my "earth (and my neighbors) in the yard to build a housing complex on. M 'consideration, but I would agree with them, where they develop the country but wanted to keep the land behind my house, to sell the game in the future.
What is my tax obligations if: 1) I sold to keep the flat on the floor by a lump sum and 2) if I sold the rights to develop the country, but the land is available now.
Any help or direction is appreciated!
Tuesday, January 5, 2010
Land Development Deals Sale Of Real Property (part Of Residential Property) And Tax Liability?
1 comment:
1) When the property as a lump sum which would be subject to sale tax on capital gains in capital gains on the property. (The price you bought the property - for the sales). These gains from May to compensate for capital losses they may occur on the exchange. Capital gains are 50%, I think.
2) The money would be in less revenue. Depending on the nature and structure of the installation (Why is this person or by a small business is a corporation). The revenue would be treated and taxed income, you may have many valid conclusions about the structure of your supply.
Rob http://www.informational.ca
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