Capital Gains and Losses

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What is the capital gains tax when you sell your business at…

Customer Question
what is the capital gains...
what is the capital gains tax when you sell your business at age 62 ?
Submitted: 3 years ago.Category: Capital Gains and Losses
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Answered in 11 minutes by:
6/6/2015
Tax Expert: CGassist.168, Accountant replied 3 years ago
CGassist.168
CGassist.168, Accountant
Category: Capital Gains and Losses
Satisfied Customers: 4,797
Experience: Tax Accountant
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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.
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Customer reply replied 3 years ago
the retirement age has no effect on capital gains ?
Tax Expert: CGassist.168, Accountant replied 3 years 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.
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