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Taxes on land sale.
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iseedit
Posted 1/11/2025 08:09 (#11050546 - in reply to #11050536)
Subject: RE: Taxes on land sale.



central - east central Minnesota -

I can't give you the tax consequences, Ohio treats capital gains as ordinary income. But, can you do a 1031 exchange or partial exchange on the sale dollars? Trade for some more land or commercial building / business to reduce or partially reduce the tax consequences ? Better to talk with an experienced CPA on the subject. 

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