Google Answers: Income Tax on sale of land

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Q: Income Tax on sale of land ( No Answer, 0 Comments )

Question

Subject: Income Tax on sale of land
Category: Business and Money > Finance
Asked by: jack2440-ga
List Price: $25.00

Posted: 02 Dec 2005 01:14 PST
Expires: 01 Jan 2006 01:14 PST
Question ID: 600448

Income Tax question:
We are excluded up to 80,000 US dollars each (married couple filing
jointly so it is 160,000 dollars) on our earned income as we are
employed outside of the U.S. We earn about $120,000 jointly so we pay
no U.S. income tax.
We bought a piece of property (land only no dwelling on land) about 9
years ago for $38,000 and it is now valued at US $240,000. How do we
go about paying the least about of taxes on this property once it is
sold?

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