flpanhandle
Recycles dryer sheets
- Joined
- Apr 13, 2007
- Messages
- 53
In another post http://early-retirement.org/forums/index.php?topic=13815.0 I inquired if anyone has ever sold a business.
My new question is, what are the tax consequences of doing so. From what I can read capital gains will apply to some of the sale. If the business sells for $135000 after broker commisions, how are taxes figured? Assetts of aprrox. $40000 that are totally depreciated, inventory of approx. $15000 that is paid for, and the remainder I guess being goodwill of $80000. This is an ongoing retail business.
Any input would be appreciated. I know I'll need a tax advisor, but in the mean time I am wondering. The IRS site was totally confusing.
Thanks.
My new question is, what are the tax consequences of doing so. From what I can read capital gains will apply to some of the sale. If the business sells for $135000 after broker commisions, how are taxes figured? Assetts of aprrox. $40000 that are totally depreciated, inventory of approx. $15000 that is paid for, and the remainder I guess being goodwill of $80000. This is an ongoing retail business.
Any input would be appreciated. I know I'll need a tax advisor, but in the mean time I am wondering. The IRS site was totally confusing.
Thanks.