Tax Guru – Ker$tetter Letter

Helping real people win the tax game.

  • Enter your email address to subscribe to this blog and receive notifications of new posts by email.

    Join 672 other followers

  • Blog Stats

    • 300,769 hits
  • Posts By Day

    March 2008
    M T W T F S S
  • Subscribe

  • Special Pages

Reporting Business Sale

Posted by taxguru on March 30, 2008


Subject:  Tax question

I closed my short lived business at the end of 2007.  I opened it in August of 2006. I sold the business at a cost that I used to pay off my creditors. How do I report (which forms do I use) that the moneys I received for the sale of my business was used to pay off a debt.  The debt was originally created from purchasing equipment that I used for my business.



This is far too complicated an issue for you to attempt to report on your own, especially in regard to the proper treatment of recaptured depreciation.

You need to work with a qualified professional tax preparer, who can ensure that everything is reported properly on your tax returns.

Good luck.

Kerry Kerstetter




Sorry, the comment form is closed at this time.

%d bloggers like this: