What should I know about taxes when I sell my shop and building?
How a sale is set up can change what you keep. This isn't tax advice, but here are the questions worth asking a CPA early.
If this sounds like youYou've heard horror stories about the tax bill after a sale, and you want to plan ahead.
What you can do.
How the price is split
Between equipment, the business name and goodwill, and the building.
Timing
Selling across two tax years, or getting paid over time.
Selling the building
Different rules from selling the business.
What to watch for.
- Talk to a CPA before you agree on a price.
- Keep records of what you paid for the building and improvements.
- Don't let the buyer set the split alone.
Owner to owner, and it stays private.
Lotus is run alongside Lotus Financial, led by Nicole, a CPA, so we understand the questions owners face. Your own CPA should always advise you on your taxes.
Talk to JamesQuick answers.
Should I talk to an accountant before selling?
Yes, early. How the sale is set up can change what you keep.
Does Lotus give tax advice to sellers?
No. Talk to your own CPA. We're glad to share the numbers they'll need.
Thinking about what comes next for your shop or building?
Reach out and we’ll talk it through. No pressure, and the conversation stays private.
james@lotuspe.us