The Wealth & Legacy Discussion Group > Capital Gain Help
Hi George,
One of our adivsory team members will be able to assist you. Can you give us an idea of what your goals and objectives are. Has the business been sold yet? Is it under contract? What is your cost basis in the business? Do you have any debt related to the business that will be paid off, or any other debt that you plan to pay off with the sale proceeds? Are you planning on retiring? Cashing out? Buying another business?
There are a number of options depending on where you are at in the transaction. It is important that we explore all of them to make sure that the option most suitable for you is selected.
Do you have legal and tax counsel?
There are also more than capital gain tax issues here. There are long-term planning issues that you might want to take a look at now as well.
You did not leave your contact information in your post, so I'm hoping that you will be checking back shortly.
Wealth Legacy Series
Thank you for your response. The sale fell through because the buyer could not get financing. I am trying to sell it again. I started the business years ago from basically nothing. My CPA said that the cost basis is essentially zero. I do not have any debt except for trade debt. I do not want to buy another business. I'm ready to retire.
Can I defer the taxes that I will owe? What do you recommend regarding management of the cash once I do sell?
I do have a CPA. I don't really have an attorney.
Any guidance that you can provide would be great.
George Deuluth
I'm selling my business that I have owned and operated for years. I expect to get about $2.2 million for it. I'm going to get killed with capital gain taxes. What are my options?