Do you have to pay federal and state taxes on the sale of a company?

1 ⤊

Do you have to pay federal and state taxes on the sale of a company?

2007-09-06 15:31:21 · 4 answers · asked by piranha 2 in Business & Finance ➔ Taxes ➔ Other - Taxes

4 answers

Yes, you probably will. The sale of a company is an extremely complex transaction when it comes to working out the taxes on it. For even a small business you will need professional assistance to get it right unless you're an accountant in your own right.

2007-09-06 16:42:37 · answer #1 · answered by Bostonian In MO 7 · 0⤊ 0⤋

It does depend on what kind of company you have, but if you have a profit, you will pay some taxes.

2007-09-06 22:35:37 · answer #2 · answered by kattsmeow 7 · 0⤊ 0⤋

If you have gain on the sale, most certainly.

2007-09-07 08:31:21 · answer #3 · answered by Anonymous · 0⤊ 0⤋

If you show a profit - yes.

2007-09-06 22:34:45 · answer #4 · answered by janie 2 · 1⤊ 0⤋