Just sold a business foe 180,000.00 that I bought for $205,000.00. My husband passed we had it for over 10 years and did have depreciation. How do i estimate my taxes.

melstours · ‎June 3, 2019

My husband passed and I can no longer handle the business all monies wrnt to pay off the loan.

CarolC · ‎June 3, 2019

You may need to seek professional help from a qualified accountant. Generally, there will be recapture on some of the business assets depreciated. And this will determine the amount of the gain incurred on the sale.

Click the link for the calculator below that can help determine your capital gain and can provide an estimate on how much tax you need to pay on the sale. Do not use any commas in your numbers.

https://apiexchange.com/capital-gain-tax-calculator/

I'm very sorry for your loss.

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CarolC · ‎June 3, 2019

You may need to seek professional help from a qualified accountant. Generally, there will be recapture on some of the business assets depreciated. And this will determine the amount of the gain incurred on the sale.

Click the link for the calculator below that can help determine your capital gain and can provide an estimate on how much tax you need to pay on the sale. Do not use any commas in your numbers.

https://apiexchange.com/capital-gain-tax-calculator/

I'm very sorry for your loss.

Just sold a business foe 180,000.00 that I bought for $205,000.00. My husband passed we had it for over 10 years and did have depreciation. How do i estimate my taxes.