How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask RD Your Own Question
RD
RD, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 8784
Experience:  CPA, MBA, Over 10 yrs of experience in tax planning and business consulting..
510454
Type Your Tax Question Here...
RD is online now
A new question is answered every 9 seconds

I am concerned that the sale of my agency does not qualify

Resolved Question:

I am concerned that the sale of my agency does not qualify under the installment rules. I am not incorporated, and if the IRS says this is an assets sale then will all of my capital gains Tax be due at once?
Submitted: 5 years ago.
Category: Tax
Expert:  RD replied 5 years ago.

RD :

Are you financing the sale? Is the sale price allocated to goodwill and other assets?

Customer:

Yes I am financing the sale, assets are the customer list.

RD :

You can report the sales on installment basis and pay the tax(Capital gain tax) as you collect on the note

RD :

You do not have to pay the tax on the entire capital gains in the year of sale.

RD and other Tax Specialists are ready to help you

Related Tax Questions