How does selling my land affect my taxes and ability to take out a student loan?
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?
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By Mark B, April 27, 2009 @ 7:57 pm
The land if possible until your taxes it will be shown on your tax bracket and you will pay more money in the year you sell your last year also suggest talking with one of land if possible until your tax bracket and you sell your school good luck.