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Leaving Town |
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My husband and I will be relocating because he has a new job. We own a business in the town we live we also own our home. We do not owe anything on either property. We will be buying a home at the new location. Would it be unwise to sell the business and home at the same time? Our concern is taxes. |
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If you've owned and occupied your home for at least two of the past five years, you can take the homesellers tax exclusion and pay no capital gains tax on profit of up to half a million dollars on the same of your residence. As for the business -- I see no reason, if you're going to sell it, why the tax situation would make any difference in when you sold. Consult your own CPA about that. |
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Edith
Originally published on November 13, 2007 |
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