Capitol Gains, Sale Of A Commercial Building
I am in the process of selling a commercial building that I have owned and have conducted business out of for the past 9 years. I am also selling the business.
I am selling the building for $4,000,000, the tax on my gain is $525,000.
Does anyone know of anything I could do with this $525,000 except give it to the IRS?
Thanks,
Mason
1031 exchange...basically this allows you to roll the gain on the property into a new property that you must purchase within a specified time.
If you want to take out the money, then you're going to have to pay the tax.
do a search for 1031 at www.google.com
my accountant tells me I would have to buy another building that costs more than $4,000,000 to do a 1031, I have heard of people forming a charitable foundation, do you have any experience with this?