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lwpat, Attorney
Category: Business Law
Satisfied Customers: 25387
Experience:  Attorney with over 35 years of business experience.
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we have owned a business for 7 years. we have had offers to

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we have owned a business for 7 years. we have had offers to sell but we have been told to hang on to it for at least 10 years before selling because we would be paying alot more incapital gains. we are in that true? we would be paying off a large loan with this money.
Submitted: 5 years ago.
Category: Business Law
Expert:  lwpat replied 5 years ago.
That is not true. To be eligible for treatment as a long term capital gain you only have to own a business for more than one year. For 2012 the maximum rate on the profit from a long term capital gain is 15%.
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