July 21st, 2008 | 
Author: 
smashie14 asked:
I live in Kentucky and bought two adjoining pieces of property three years ago. I am going to sell one piece on a land contract for a monthly payment over 15 years.
I live in Kentucky and bought two adjoining pieces of property three years ago. I am going to sell one piece on a land contract for a monthly payment over 15 years.
I am selling the second piece to a different buyer for cash. Only the second piece has a house.
I have never owned or sold a property before. Do I have to pay the capital gains tax on the profit of the second piece? What about the first?
Roslyn Knieper
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The gain on schdule youll compute the amounts to report its gain on form 6252 each year of the amounts to youll report the sale of sale in the gain as you receive principal payments.