This is my situation,Last Auguest, my friend's land went into the auction (by the city)due to she couldn't make the mortgage payments. I went ahead to loan her the money to paid off the land, and using the land as the collateral. A few days ago she did a warranty deed to turn over the land to me. Now her friend wanted to buy the land from me for higher price then how much I orininally loaned her (I will pay back to my friend the different if I get more then she originally owe me). How will I be paying the tax for the capital gain? Will I have to pay the portion of the property tax after the land been paid off until the warranty deed taking place?Thanks,Cathy
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