I have a cousin who is in the process of selling a parcel of land that is attached to his acreage,
and has owned it for over 30 years.
He ask me if I knew anything about capitol gains taxes, I told him no, but would ask on campfire.
LOTS of knowledgeable people on here!
He says he bought the land cheap, 30 years ago, and is wondering if he has to pay capitol gains taxes on this,
Because he is making a substantial profit on it.
Thanks!
Virgil B.
