I have a question regarding the Capital Gains tax I will have to pay on the sale on my vacant hunting land I sold in Michigan in 2016.
I owned the property for six years and from what I have researched I will will owe 15% because I owned the property longer than one year.
I purchased the property for $28,500 and sold for $68,000.
- First question can I deduct from the $39,500 in gains the improvements I made on the property in the six years I owned it?
- Second question I took some of the money and built a pole barn/garage at my primary residence as a improvement can I deduct the cost of this barn from the gains?