I am selling a small guest house due to 'partnership failure'. We gave it two years and it did not work out. Once this is sold, what are our tax liabilities as presumably the value of the property will have incresed a little in 2 years...
2006-09-27 06:37:45 · 5 answers · asked by Jackie 4 in Business & Finance ➔ Small Business
you should ask your accountant.
2006-09-27 06:52:05 · answer #1 · answered by grumpcookie 6 · 0⤊ 0⤋
Try Customs and Revenue site they have all the current details on partnership taxation rules. Or even phone your local office for the leaflet, disolving partnerships.
2006-09-27 21:01:41 · answer #2 · answered by vmaddams 3 · 0⤊ 0⤋
difficult, you say partnership, married, partners, what ???, property HAS gone up so you will be liable for that, as for selling it as business, try DALTONS WEEKLY, tax wise, pop into a tax office locally and tell them the current value of the property and they will 'band ' it for you. good luck
2006-09-27 20:07:27 · answer #3 · answered by david g 3 · 0⤊ 0⤋
yes I agree, check with your accountants.
2006-09-27 20:55:51 · answer #4 · answered by Anonymous · 0⤊ 0⤋
depends on what province/nation you live in
2006-09-27 08:51:51 · answer #5 · answered by larry n 4 · 0⤊ 0⤋