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Capital Gains Liabilities
If a raw land parcel was sold at a profit, with the seller owning this parcel for more than 1 year, with the seller being in a 15% tax bracket ( from regular job ), would there be a capital gains tax liability ? Seller did not live on property.
1. Seller is taxed on net profit minus closing costs ?
2. Would the tax bracket be determined by the earned income made in the same year as the sale ?
3.Any other financial liabilities ?