If I buy a liquor store today for $100,000 & sell it 3 years later for $200,000, is there capital gains tax? How about if I sell it in 1 or 2 years? The liquor store is in Los angeles area.
Thanks in advance.
sell my liquor store & taxed capital gains?
Jul 01, 2007
3 Replies
"Lee" wrote
Yes and yes. Some of the gains won't be taxed at the capital gains rates because of the nature of the items sold. Seek competent local help from a CPA or EA.
For federal purposes it doesn't matter.
"Lee" wrote
There isn't any gains exclusion for business assets.
Yup.
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