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Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 2836
Experience:  18+ years of experience in tax preparation; 25+ years of experience as a real estate/corporate paralegal.
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I want to sell my NYS business. what can I expect to have to

Customer Question

Hello. I want to sell my NYS business. what can I expect to have to pay in taxes?
JA: PayPal, Debitcard or credit card are all fine.
Customer: I mean...a percentage
JA: The Accountant will know how to help. Please tell me more, so we can help you best.
Customer: Just a ballpark. Is it "Sales Tax?" (8.75%?)
JA: Is there anything else important you think the Accountant should know?
Customer: Not really. Ill probably be seeling for about 100K
Submitted: 1 month ago.
Category: Tax
Expert:  Barbara replied 1 month ago.

Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.

In New York, you will pay capital gains tax on the sale of your business. The highest possible rate you will pay is 8.80%.

Please remember that you will also pay capital gains tax at the federal level.

Let me know if I can assist you further.

Thank you and best regards,

Barb

Expert:  Barbara replied 1 month ago.

Just following up with you to see if you have any other questions about this topic. If so, please let me know, and I will be happy to assist you.

Best regards,

Barb

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