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Updated over 3 years ago, 05/03/2021
Capital gains tax implications on warehouse sell
I bought a 1.3 acre IWD parcel in 2018, built a 15k sf warehouse in 2019.
I will be selling the property this year. Will I pay long term capital gains tax on the earnings or will I have to declare the earnings as income and pay the higher percentage in federal income tax?
The business that I have set up that holds the mentioned property is an LLC in the state of TN.