The sale of capital assets results in capital gain or loss.
The sale of real property or depreciable property used in the business and held longer than 1 year results in gain or loss from a section 1231 transaction.
The sale of inventory results in ordinary income or loss.
The sale of self-created intangible assets is taxed as ordinary income.
Liabilities assumed by the purchaser is treated as cash payment.
Generally, both the purchaser and seller must file Form 8594 and attach it to their income tax returns when there is a transfer of a group of assets that make up a trade or business and the purchaser s basis in such assets is determined wholly by the amount paid for the assets.
So - we need to start with a list of assets - and will need to assigned a sale price to each asset - as agreed between parties.Then - we will determine the gain or loss on each asset separately and separately will determine how that gain or loss is treated.
To calculate the gain separate for each asset - we should take (assumed sale price) MINUS (adjusted basis) = gain
Here is the form to use
For the real estate - we need to know your adjusted basis - so we may estimate your gain or loss.
The gain on real estate is taxed at reduced long tern capital gain rate - for your income level - it will be partly 15% and partly 20%.
If you briefly describe assets, their selling prices and basis - we may verify the gain and how that gain is taxed.