ForumsAdvertising, Sales and Marketing

Up to All Forums

This Question is Answered

1 "correct" answer available (5 pts) 1 "helpful" answer available (4 pts)

5 Replies Last post: Jun 3, 2008 6:23 PM by Bridge

TAXES Capital Gain

Nov 2, 2007 9:29 AM

TommyJoe 8 posts since
Oct 31, 2007

I own a small motel ( http://www.amandasvillagemotel.com ) and I am thinking about selling it to relocate to another state to start a different business. I am trying to figure out the best way to work with capital gain during the changeover to make the transaction smooth so I do not pay more than I need to ?

Tags: tax, real_estate Report as inappropriate

LUCKIEST 7,912 posts since
Aug 6, 2007

1. Re: TAXES Capital Gain Nov 2, 2007 10:00 AM

Do you have an Accountant?? Are you a Corporation??
Sell your motel for the most that you can get. Then find yourself a GOOD Accountant or Financial Advisor.
Good luck, LUCKIEST

Report as inappropriate

TommyJoe 8 posts since
Oct 31, 2007

2. Re: TAXES Capital Gain Nov 2, 2007 10:24 AM

in response to: LUCKIEST

My accountant was never involved with selling a business.. We are a LLC. So far Financial Advisor is the best idea

Report as inappropriate

DomainDiva 1,727 posts since
Oct 10, 2007

3. Re: TAXES Capital Gain Nov 2, 2007 10:25 AM

Don't try to figure this out on your own. Find an accountant that specializes in real estate and property.

Report as inappropriate

TommyJoe 8 posts since
Oct 31, 2007

4. Re: TAXES Capital Gain Nov 2, 2007 10:36 AM

in response to: DomainDiva

Thank you !

Report as inappropriate

Bridge 359 posts since
Jun 3, 2008

5. Re: TAXES Capital Gain Jun 3, 2008 6:23 PM

Getting advice from an experienced business broker may help....

You can potentially use a 1031 like-kind-exchange to defer taxes on a real estate transaction. Additionally, depending on your financial situation, there are many creative things you can do in a sale to defer taxes.

Report as inappropriate

Bank of America, N.A. Member FDIC. Equal Housing Lender

Bank of America is not responsible for user posts and other user content appearing on this website and does not endorse or guarantee the perspectives, the advice, the users, the businesses, or the products or services sold by any users or businesses that appear on this website.

ForumsAdvertising, Sales and Marketing

This Question is Answered

TAXES Capital Gain

Nov 2, 2007 9:29 AM

More Like This

Most Recent Forum Posts

Legend