Google Answers: Capital Gain tax on Real Estate building lots

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Q: Capital Gain tax on Real Estate building lots ( No Answer, 0 Comments )

Question

Subject: Capital Gain tax on Real Estate building lots
Category: Business and Money
Asked by: busybeeboo-ga
List Price: $2.00

Posted: 11 Aug 2004 07:56 PDT
Expires: 10 Sep 2004 07:56 PDT
Question ID: 386420

We purchased 2 acres of land in a subdivison to build 2 homes in
Florida.  We purchased one lot at $17,900 and the second lot at
$18,900.  A year and a half later we decided to sell the land and we
sold each lot for $28,000.  The Realtor told us since the gain wasn't
over $50,000 we wouldn't have to pay capital gains.  We never received
any kind of tax document either, stating the gain or sale.  Do we have
to claim the gain on our taxes? We live in Utah.

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