Gain on property sale taxed based on period of holdingSonu Iyer
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The Tax Implications of Selling an Investment Property at a Loss Personal Finance Tax Benefits of Selling Tower Leases for Perpetual Easements State Taxes If you live in a state with an income tax, you will also need to pay state tax on any gain when you sell a property. Although laws va...
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The gain arising from the transfer of property attracts capital gains tax. Since you have held this property for more than 24 months, the resultant gain is taxable at the rate of 20.60% (plus applicable surcharge) as a long-term capital gain (LTCG). ...