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Updated over 3 years ago, 05/03/2021

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73
Posts
59
Votes
Derek Bell
59
Votes |
73
Posts

Capital gains tax implications on warehouse sell

Derek Bell
Posted

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.

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