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.
"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.
BeanSmart website is not affiliated with any of the manufacturers or service providers discussed here. All logos and trade names are the property of their respective owners.