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What is a franchise tax. What is franchise tax and it taxed…

Second opinion] what is a...
Second opinion] what is a franchise taxJA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: what is franchise tax and it taxed on sale of second homeJA: Is there anything else the Accountant should be aware of?Customer: the home sold was inherented
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Answered in 1 hour by:
10/28/2017
Chad EA, CFP ®
Chad EA, CFP ®, Enrolled Agent
Category: Tax
Satisfied Customers: 1,381
Experience: Federally licensed IRS Enrolled Agent, Certified Financial Planner (R), MBA
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Hello! My name is ***** ***** I will be able to assist you.

A franchise tax is a government levy (tax) charged by some US states to certain business organizations such as corporations and partnerships with a nexus in the state.

Generally, you wouldn't have to pay a franchise tax on the sale of a second home unless the home was owned by business or corporation.

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Since the property was inherited it is very unlikely you would owe a franchise tax on the sale of the home.

I would be happy to answer additional questions you may have concerning the sale of the home or franchise tax.

Chad EA, CFP ®
Chad EA, CFP ®, Enrolled Agent
Category: Tax
Satisfied Customers: 1,381
Experience: Federally licensed IRS Enrolled Agent, Certified Financial Planner (R), MBA
Verified
Chad EA, CFP ® and 87 other Tax Specialists are ready to help you
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T​hank you for the rating!

Please let me know if you do have any further questions.

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Chad EA, CFP ®
Chad EA, CFP ®
Chad EA, CFP ®, Enrolled Agent
Category: Tax
Satisfied Customers: 1,381
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Experience: Federally licensed IRS Enrolled Agent, Certified Financial Planner (R), MBA

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