by bevrosebud on September 17th, 2009

bevrosebud

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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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  • by merry1 in a Texican COAT on September 17th, 2009

    merry1 in a Texican COAT

    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.

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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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