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How does selling business property affect income taxes?
I moved the business inside my home. My father bought the property for his business and just took over the payments mid year 2011. His name was already on the deed, and I just took my name off the deed and mortgage, giving him the equity that I had. Will this change my taxes other than the depreciation not being taken off? Will I have to pay anything because of the transfer of the building/land?
I moved the business inside my home after selling the building.. this property sold wasn't my home, but an actual business with a business mortgage. I didn't word that clearly. I just want to prepare myself for any surprises ahead of filing.
I don't care about filing a loss. I just don't want to be surprised with "here, you owe 5 grand in taxes". If I do, I'll take care of it but I just want to prepared first.
3 Answers
- troLv 79 years agoFavourite answer
you need to know the value of your business, what you invested in it and how much you are being paid for the business
if this was your home and have now sold it to your father, you need to know the value of the home and how much you are being paid for it--also consider the possibility of an exclusion if you owned it 5 yrs
if you used some for a business which was exclusive to the business you need to know what % you claimed as business expense
you probably need to get professional help on this one, this is more complicated than you realize
- Anonymous9 years ago
Take everything to your preparer.
You are aware that you can't claim a loss if you sold the property to your dad, right?
