Jake 48
Senior Member
keeping the faith
Joined: Dec 20, 2010 16:06:13 GMT -5
Posts: 3,337 
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Post by Jake 48 on Sept 8, 2013 20:06:09 GMT -5
Hello,
I own a piece of land with my brother, we have had this for 30yrs. I'm done with owning anything jointly with family. So what are the tax consequences, capital gains and how is it figured?
original purchase price 17,000
selling price 60,000 ( assuming list price)
Realtor commission 10% (6000)
Thanks for your advice
Jake
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mwcpa
Senior Member
Joined: Jan 7, 2011 6:35:43 GMT -5
Posts: 2,425
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Post by mwcpa on Sept 9, 2013 4:50:47 GMT -5
The "gain" is 60K less 17K (purchase) less 6K (10% realtor fee) = 37K.
The 37K is split between you and your brother.
The federal tax rate, depending on your total income is either 0%, 15% or 20%. Plus you may incur the new 3.8% Medicare tax surcharge. State taxes may apply.
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