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I am 70 years old and live off state retirement and social security. I want to sell some land but am worried about having to pay capital gains taxes. The land is family land so I never had to buy it. Do I still have to pay capital gains taxes if I sell some of it?


Expert Mark Anderson's Answer:

Yes.  If you sell the land you will need pay capital gains taxes.  You might want to consider an 1031 exchange into income producing property.   I hope this answers your question.  Thank you.

Mark Anderson, JD


21 yrs experience

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