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Help answer this question below.
It depends on how you handle your business exemptions. If you are a C Corporation and you rent office space to your company, then probably you are fine. If you are an S Corporation, LLC or other and claim a business deduction on office space you may owe taxes on the office space.
See a CPA or tax lawyer for advice BEFORE you claim office space for your business.
I am selling my condo in NC (primary residence) for a $30K profit. I do not pass the two-year test, and I excluded a gain from a previous sale in May, 2009. However, I am selling to condo because I have taken a job in CA. Will I owe capital gains tax?
by sonoflar on January 21st, 2009
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when do divorced couples no longer qualify for 500k tax deduction on capital gains on sale of real estate
by kcovey1002@aol.com on July 29th, 2010
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My father wants to give a onetime gift of $1 million of stock to his children split 6 ways. What are the tax implications for the children if they sell the stock, either immediately or after 1 year?
by apschiff@hotmail.com on March 19th, 2009
| 1 person likes this
Our family had a vacation home and we sold it last year. My husband agreed to the sale because we had no income coming in and was waiting to hear if he could be put on disability. How will this sale affect how much taxes we will owe on the sale? Are ther
by Kathleen on February 18th, 2009
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If my ex-husband buys me out of the home we have owned together for 17 years do I have to pay capital gains tax? I have lived in the house the entire time.
by Anonymous on March 8th, 2009
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You're reading We own 6 acres of property, on which we live and conduct our business, I was told that when we go to sell our property since we live on it we will be exempt from paying capital gains tax. Is this true? Thank you so much.
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