Originally Posted by heavyfuel
I sold land in 2013 for $506,000. The base land value was $154,000 and it was a long term capital gain.
My wife and I file jointly and our AGI together (through our jobs) will be around $250,000 for 2013.
Can anyone give me a rough estimate of what my tax burden will be for property sold?
I live in GA.
You need to provide here with your taxable income , NOT AGI As you said, as the amount of your AGI is $250K, then your taxable income when you file your return as MFJ must be more or less lower than $250K, then, for 2013, If I assume that your TI is between $142,700 and $217,450, then your personal tax bracket’d be 33% then you need to pay $52,800 as your LTCG tax to the IRS; 15%*($506,000-$154,000(your adjusted basis of the land). There is no unrecatured depre recap , I mean sec 1250 rule not applicable,since land is nOT depreciated as you can see.
Please visit the web site here for your LTCG calculation; Capital Gains Tax Rate Calculator
ALSO you need to check LTCG rate for your sttae retrurn with the Dept of Rev of GA.