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Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 16576
Experience:  Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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Accounting Question: I am selling the building where my business

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Accounting Question: I am selling the building where my business is located on 12/28/12.
What would be the approx cost to have an account do my tax returns for 2012?
---one would be SCorp. return
---one would be my personal return which would include the sale of the property, some stock transactions, and the profit/loss on the business.
---i also own 2 other properties that need to be included in the return (not as a sale)
---how do i determine the "basis" on the property being sold so the capital gain figure will be correct.
---what is the tax on the capital gain of the sale of the business

thank you Jerry Jeffkin
Thanks for asking your question! I'm sorry to hear about your tax issue and I'm going to try my best to help you understand or resolve it.

Thank you for your question. It should cost you between $600-$1,500 to get your taxes done. IT all depends on what accountant you choose to do your returns. JustAnswer.com does not prepare returns, as we cannot practice accounting on this site. You can contact your state board of accountancy to get the names of CPAs in your area. You can also look for an Enrolled Agent to do your return.

How much you are charged depends on what condition your records are in and the complexity of the returns, as well as the fee schedule of an accountant. The accountant should tell you how much it will cost before starting work.

The basis of your property is what you paid for it, plus any capital improvements (new roof, new HVAC system, etc), less any depreciation you took on the property.

The capital gain will be the difference between the selling price and your basis. The long term capital gain rate is 15%. The short term capital rate (for things you have held LESS than one year) is your ordinary tax rate.

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