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Do I owe capital gains tax on sale of vacant land if my tax rate is zero?

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Best answer by TaxGuyBill

If your regular tax bracket is 15% or less including the gain on the property, your gain will be taxed at 0% on the Federal return.

If your State has income taxes, most States tax it at your ordinary income tax bracket.

Yes. For about 10 years.

Did you own it for a year or more?

If your regular tax bracket is 15% or less including the gain on the property, your gain will be taxed at 0% on the Federal return.

If your State has income taxes, most States tax it at your ordinary income tax bracket.

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