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Selling to Start a Business |
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I am going to sell my home in order to fund a small bus. Cafe'.I plan on living in the house that I will convert into the Cafe'.My question, is their a program that if I take the profit from my home and simutainously roll it into the purchase of the investment without ever recieving from the bank the $ profitted,can I differ on my capital gains?or get a break on them?Thank you |
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If you've owned and occupied your home for at least two of the five years before you sell it, you can qualify for the homesellers tax break, up to $250,000 profit free of capital gains tax, twice that if you're married. So that may take care of your tax situation. It has nothing to do with what you do with the money you receive.
If your gain is more than that, or if you're not qualified to take the homesellers exclusion, then you should be working with your own CPA about it. But there's no special tax treatment for selling your home to set up a business. |
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Edith
Originally published on December 12, 2007 |
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