Selling my business

[trueblue]

Registered users do not see advertisement

I have a business that I am getting ready to sell. This business is a DBA and is not a LLC or S-Corp.

What will I have to pay in taxes if I sell my business for $130,000?

I live in Oklahoma.

Thanks!

[skier_j]

Originally Posted by trueblue

I have a business that I am getting ready to sell. This business is a DBA and is not a LLC or S-Corp.

What will I have to pay in taxes if I sell my business for $130,000?

I live in Oklahoma.

Thanks!

I don't know, do I look better in blue?? I live in the north east

not enough information here.

what are you selling essentially??? a list?? some contacts?? a bunch of equipment?? whats your cost basis? inventory?? materials??

need to know a bunch more info to make any attempt at answering.

My best advice is to make an appointment with your tax advisor and have them do some math for you using more concrete information

[trueblue]

Sorry about that....

I am selling an insurance agency. So, it's my clients that I am selling. No inventory, or materials.

[skier_j]

well thats better, still no real help tho.

If you are saying you will have a gain of 130,000 then someone with chime in with the approximate taxes due---including OK if they have a state tax.

If that is NOT what you are saying, then we are back to the beginning and I'm still wondering if I look good in blue.

I assume you have a tax pro you work with?? the best way to get these answers is to ask someone who has actual knowledge of your situation and can ask the right questions.

A CPA or an EA will eb able to help you.

[kittelsoncarpo]

http://www.irs.gov/index.html

Try to visit this site. I don't know much about selling business in other countries. However, try to consult the CPA or EA for better results.

__________________
tax services manila | tax services philippines