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what do i pay on capital gains on 475000 in mass i started

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business and irent it iam...
what do i pay on capital gains on 475000 in mass i started business and irent it iam selling tthe business its a restauranive been there for 19 years ago we purchesed the contents for35000
Submitted: 9 years ago.Category: Tax
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Answered in 21 minutes by:
4/1/2008
Tax Professional: Marvin,EA, Enrolled Agent replied 9 years ago
Marvin,EA
Marvin,EA, Enrolled Agent
Category: Tax
Satisfied Customers: 1,672
Experience: Enrolled to Represent Taxpayers Before The IRS
Verified
Hello and thank you for using Just Answer. Capital gains rates is 15% of the net proceeds from the sale of the business.
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Marvin,EA
Marvin,EA
Marvin,EA, Enrolled Agent
Category: Tax
Satisfied Customers: 1,672
1,672 Satisfied Customers
Experience: Enrolled to Represent Taxpayers Before The IRS

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