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re: Capital Gains
Posted on 6/8/14 at 7:29 pm to sw0099
Posted on 6/8/14 at 7:29 pm to sw0099
You married or single, SW?
House is probably fine - no tax
Business and business land... you pay tax on the difference between what you sell it for, and what your "adjusted basis" is.
What type of entity is the business? Single member LLC, partnership, corp, s corp, etc?
What is the business property? A building and land? Is it held in a different entity than the business?
Depending on how you answer, it is possible that the gains on the business and business property will be taxed split between capital gain (at a preferential rate) and ordinary gain (at your regualr tax rate).
House is probably fine - no tax
Business and business land... you pay tax on the difference between what you sell it for, and what your "adjusted basis" is.
What type of entity is the business? Single member LLC, partnership, corp, s corp, etc?
What is the business property? A building and land? Is it held in a different entity than the business?
Depending on how you answer, it is possible that the gains on the business and business property will be taxed split between capital gain (at a preferential rate) and ordinary gain (at your regualr tax rate).
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