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CGassist.168
CGassist.168, Accountant
Category: Capital Gains and Losses
Satisfied Customers: 3444
Experience:  Tax Accountant
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What is the capital gains tax when you sell your business at

Customer Question

what is the capital gains tax when you sell your business at age 62 ?
Submitted: 1 year ago.
Category: Capital Gains and Losses
Expert:  CGassist.168 replied 1 year ago.
Thank you for contacting us today. My name is ***** ***** my goal is to efficiently assist you with your Capital Gains matters.
It's not a matter of age. Unless a person's income falls in the 10 or 15% tax bracket, when they sell a capital asset for more than what they paid for it, a gain has incurred. In respect to primary residences, there is an exclusion of either $250,000 if filing single or $500,000 if filing joint if both spouse meet the qualifications. For more information regarding capital gains, you can refer to the following IRS webpage;
http://www.irs.gov/taxtopics/tc409.html
Let me know if you require further assistance with this matter.
Customer: replied 1 year ago.
the retirement age has no effect on capital gains ?
Expert:  CGassist.168 replied 1 year ago.
That is correct. Being retirement age does not determine whether a person has to pay capital gains or not. At least not on the federal level. Maybe your state has such a clause, (I don't know what state you're in). It is the person's income tax bracket that is taken into consideration, not their age.