Selling land can have a significant impact on your taxes, as it is considered a capital gain or loss. Capital gains are profits made from the sale of a capital asset, such as real estate. If you sell land for more than you bought it for, the difference is considered a capital gain and must be reported on your taxes. However, if you sell the land for less than you purchased it for, the difference is considered a capital loss and can be used to offset capital gains from other investments. To ensure you understand the specific tax implications of selling land, it's important to consult with a tax expert for personalized advice.