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I sold a business last year and profited about 80,000 from…

Customer Question
I sold a business...

I sold a business last year and profited about 80,000 from the sale. I was wondering how much will I owe in taxes on that

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

Ok

Accountant's Assistant: Is there anything else important you think the Accountant should know?

Well I am married and have two kids. My husband makes 78,000 a year at his work. I am currently not working

Submitted: 3 months ago.Category: Tax
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Customer reply replied 3 months ago
I don't have the documents at this time.
Customer reply replied 3 months ago
just wondering how long this takes
Answered in 3 hours by:
4/3/2018
Tax Professional: Dr. Fiona Chen, Certified Public Accountant (CPA) replied 3 months ago
Dr. Fiona Chen
Dr. Fiona Chen, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 1,160
Experience: Former IRS Revenue Agent
Verified

I'm Fiona, former IRS revenue agent. I am looking at your question and will get back to you soon. Fiona Chen, MPA, Ph.D., CPA, ABV, CFF, CITP,IMTA

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Tax Professional: Dr. Fiona Chen, Certified Public Accountant (CPA) replied 3 months ago

Dear Customer,

If you held your business for more than one year, you have long-term capital gain. What you sold your business for minus what you put into your business as an investment or loan which you have not taken back should be your gain. You may find the enclosed IRS website helpful.

https://www.irs.gov/taxtopics/tc703

https://www.irs.gov/businesses/small-businesses-self-employed/sale-of-a-business

Regards,

Fiona

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