Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

Related Tax Questions
I need to determine tax treatment for sale of business. My
Hello. I need to determine tax treatment for sale of business. … read more
Cole Parker
Cole Parker
Principal/CPA
Bachelor's Degree
238 satisfied customers
Sold s Corp in 2017. No cash paid in 2017. Buyer took all
Sold s Corp in 2017. No cash paid in 2017. Buyer took all assets and directly paid all liabilities after the sale. Liabilities were far greater than the assets. However, buyer will pay ex-owner 150,00… read more
taxmanrog
taxmanrog
Master's Degree
2,918 satisfied customers
Lev, I am doing a final corporate tax return for a C
Good evening Lev, I am doing a final corporate tax return for a C corporation and the business had a carryover NOL from prior years. This year was a final year and short year for the 100 percent share… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
33,955 satisfied customers
I'm trying to determine if the sale of goodwill as part of
I'm trying to determine if the sale of goodwill as part of the sale of a business (asset sale) is taxed as capital gains or ordinary income? … read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
12,070 satisfied customers
My new client has purchased 100% ownership of a C Corp.
My new client has purchased 100% ownership of a C Corp. (Heating and A/C Service) Basically he shook hands with the old owner and took over the business. My client agreed to pay the old owner $73,000 … read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
33,955 satisfied customers
I am selling a fast food bussiness and the allocation of
i am selling a fast food bussiness and the allocation of assets for tax purposes is being negotiated , we own one building that has a value of approx 600,000 the total sale price is 3,100,000. what va… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
33,955 satisfied customers
I have a client who is trying to sell s chiropractic medical
I have a client who is trying to sell his chiropractic medical practice. He has agreed to asset sale agreement and not a stock sale. That being said; let's say he has $50,000.00 in tangible equipment … read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
33,955 satisfied customers
I have a tax question relating to a SMLLC. What is the tax
I have a tax question relating to a SMLLC. What is the tax effect of the 100% purchase of a SMLLC when the purchase price is less than the assets of that SMLLC? A simple example....Net property plant … read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
33,955 satisfied customers
I sold my business in 2008. I financed 50% of the sale to the
I sold my business in 2008. I financed 50% of the sale to the new owners and reported it as installment sale and reporting the principal and interest payments made each year to the IRS. The note was s… read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
12,070 satisfied customers
I just sold a small business in installment over eight years. Do
I just sold a small business in installment over eight years. Do I have to pay the capital gain tax all in this year or spread over eight years?… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
33,955 satisfied customers
MY CLIENT BOUGHT OUT HIS PARTNER (CORPORATE STRUCTURE) FOR
MY CLIENT BOUGHT OUT HIS PARTNER (CORPORATE STRUCTURE) FOR $40,000 AND A SALARY OF $500 PER WEEK. HOW DO I TREAT THE SALE FOR THE PARTNER THAT WAS BOUGHT OUT AND FOR MY CLIENT. THE BUYOUT WAS INITIATE… read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
2,885 satisfied customers
I sold my business and understand that tax is due on the profit
I sold my business and understand that tax is due on the profit I made - the purchasers agreed to pay me x amount for the assets and the goodwill. In addition they agreed to take on x amounts of outst… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
33,955 satisfied customers
I sold a property in 2008 on an Installment Sale (commercial
I sold a property in 2008 on an Installment Sale (commercial property). I collected only a few payments (last received in 11/2008). I foreclosed on the property and finally had possession of the prope… read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
2,885 satisfied customers
I am selling my manufacturing business for 130,000.00. How
I am selling my manufacturing business for 130,000.00. How much tax can i expect to pay on this amount?… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
33,955 satisfied customers
I have a 50% ownership in an incorporated business. I plan
I have a 50% ownership in an incorporated business. I plan to sell my half in 2 years for approximately $200,000. How much of that will be taxed and how can I better shelter myself from those taxes?… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
33,955 satisfied customers
I sold my business to someone else for $10,000. I did not
I sold my business to someone else for $10,000. I did not make a profit as I put it towards the loan- I still owe over $10,000 on the loan. (ie- it was a home equity loan that was kept seperate for on… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
33,955 satisfied customers
two years ago I purchased real estate and an ongoing business
two years ago I purchased real estate and an ongoing business (located on the property) for a total of three million dollars. The purchase was mainly an investment in the real estate. The contract was… read more
Ed Johnson
Ed Johnson
Senior HR Consultant and Business Devlpm
Bachelor's Degree
6,994 satisfied customers
I own a corporation with a tax loss carry forward of ...
I own a corporation with a tax loss carry forward of $900,000. Can I use that as the basis for the sale of the corporation? If so, what is it worth?… read more
MequonCPA
MequonCPA
CPA Firm Owner
Master's Degree
1,732 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,338 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,512 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

59 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

15,569 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,655 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

< Previous | Next >

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x