What is the land sale tax according to the IRS?

Answer by  Kristine (145)

The land sales tax is treated as a capital gains tax. If you have held the land for more than a year it is a long term gain and is reported on Schedule D of your 1040 tax return. If it is a short term gain of less than a year it is still reported on Schedule D

Answer by  ElectronicGuy (221)

This is a fairly loaded question, Laws and statues vary on a place by place basis. You'll need to contact your local state legislator or municipal court to verify the allowances in place per county. In addition, laws change year by year, so make sure you keep up to date.