The land is owned by a family of 3 in the state of Nebraska. They are splitting the land 3 ways. If each of them got $90,000 how much would each of them have to pay for income tax on that 90 thousand dollar land sale? A fairly general number would be ok…I’m just trying to figure out if it would be more like 2 or 3 thousand dollars…or if it would be more like 10 or 15 thousand dollars. Thanks in advance.
ok so im adding a couple more details to help out…The land was aquired about 7 or 8 years ago by means of inheritance. The land was appraised at 160,000 dollars in 2001, and now appraised around 300,000 this year.