Question
What is a good strategy for selling a small business without paying capital gains tax?
I have an automotive repair shop and I would like to defer paying capital gains tax by rolling the proceeds of the sale of the business into another investment. I do not see the point of paying capital gains tax on the sale when I will simply take the money and reinvest it in another business. Can I do this even if the money does not go into a similar business? Ideally, I'd like to invest the money in a mutual fund and take out maybe 10% per year to help with living expenses.
1 year ago - 1 answers
Best Answer
Chosen by Asker
It sounds like you need to contact an experienced CPA. Don't look for free advice that could end up costing you thousands or more. NOT worth it. And, if Obama is elected you very well might want to just eat the current capital gains tax, as he has pretty much promised to increase it. Consult a CPA, good luck in your future ventures. I so wish I could sell my business and move on, but no such luck.
by Gem
1 year ago
Asker's Rating: 