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
First reply
I live in Los angeles and I know that if I live in my house for at least 2 years and sell at higher price than what I paid for, I don't have to pay capital gains tax. Does it apply to small business such as liquor stores or small mom & pop markets as well? If I keep the liquor…
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"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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