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Jonathan Tierney
Jonathan Tierney, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 307
Experience:  Tax Accountant at Praxair, Inc.
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We own a bed and breakfast. It is our primary residence. We

Customer Question

We own a bed and breakfast. It is our primary residence. We personally own the property but the business is a corporation (our corporation) that pays us rent for use of the building. We are selling the building for a profit of $800,000. Because the building is considered commercial do we have to pay tax on the entire capital gain profit or is there away around it.
Submitted: 1 year ago.
Category: Tax
Customer: replied 1 year ago.
Posted by JustAnswer at customer's request) Hello. I would like to request the following Expert Service(s) from you: Live Phone Call. Let me know if you need more information, or send me the service offer(s) so we can proceed.
Expert:  Jonathan Tierney replied 1 year ago.

Hi, my name is ***** ***** my goal here is to provide you with the most complete and accurate answer possible.

The portion of the home that you used as your personal residence will likely qualify for the personal residence gain exclusion so not all of the gain will be taxable. You can see Publication 523 at http://goo.gl/UDtso3 and Publication 527 at http://goo.gl/47RNP6.

Since you requested a phone call, I will post the service offer. I look forward to talking with you later.

Thanks, Jonathan

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