S-corp capital gains
I sold my coffee business last January and have just been holding the gains in the bank. I was hoping that I would be able to file a simple return at the end of the year like previous years, deducting my years business expenses from the capital gains. Is it true that this gain would be taxed at 15% long term? Also, I only sold equipment, non-compete, goodwill, etc., no real property. I assume I will be able to deduct my home equity loan that I used to purchase the business but immediately paid off after the sale , straight off the top?
Last edited by TaxGuru : 09-22-2008 at 10:35 PM.