View Full Version : Tax Question



jaygee
11-17-2009, 10:51 AM
I have a business that I am getting ready to sell. This business is a DBA and is not a LLC or S-Corp.

What will I have to pay in taxes if I sell my business for $130,000?

The business is in Oklahoma

Thanks!

decepticobra
11-17-2009, 05:23 PM
knowing how oklahoma taxes for everything under the sun, its likely possible.

ronronnie1
11-18-2009, 07:09 PM
It depends. How much did you pay for the business if you bought it? What is the bases (basis plural) for the assets in the business? More info would be helpful.

ronronnie1
11-25-2009, 03:33 PM
I got your info, Jaygee.

You're required to pay federal capital gains tax on anything you recieve over your investment. Because you've owned the business for over a year, you pay around 15% long term capital gain tax rate on that gain.

Go see an accountant. They will help determine your gain/tax and file your return for you.