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.