Tax Question

[jaygee]

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?

The business is in Oklahoma

Thanks!

[decepticobra]

knowing how oklahoma taxes for everything under the sun, its likely possible.

[ronronnie1]

It depends. How much did you pay for the business if you bought it? What is the bases (basis plural) for the assets in the business? More info would be helpful.

[ronronnie1]

I got your info, Jaygee.

You're required to pay federal capital gains tax on anything you recieve over your investment. Because you've owned the business for over a year, you pay around 15% long term capital gain tax rate on that gain.

Go see an accountant. They will help determine your gain/tax and file your return for you.