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How does selling my land affect my taxes and ability to take out a student loan?

bearinacoat asked:

I have a vacant lot, and I need to sell it, but I’m not sure how that would affect my tax status for the next year. I normally don’t have to pay any taxes, so would that affect my getting a refund? Also, I will be applying for student loans soon, and I would like to know if that would make me less eligible to take out a stafford/private student loan?

Thanks so much for any advice.
Thank you for the response. I am currently out of school, but will be applying for a loan for graduate school. I’m wondering if it would be a better idea to retransfer the taxes back into my parents’ name. I’m just not sure what’s involved in that, and whether I should do the transfer as a gift?
Asked on: 2012-12-06 06:37:08

1 Comment

  1. Mark B says:

    The sale of land will be shown on your taxes as a capital gain. This will raise your gross income, possibly raising your tax bracket, and you will pay more taxes. It will affect your student loans as they will show you made more money in the year you sell your land. I would hold the land if possible until your last year. I also suggest talking with one of the reps in your student loan/scholarships department at your school. Good luck.

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