If you’re selling property used in your trade or business, you should understand the tax implications. Many rules may apply. Let’s assume you want to sell land or depreciable property used in your business and held for more than a year. Gains and losses from sales of business property are netted against each other. The net gain or loss qualifies for tax treatment as follows: 1) If the netting of gains and losses results in a net gain, long-term capital gain treatment results, subject to “recapture” rules. Long-term capital gain is generally more favorable than ordinary income. 2) If the netting of gains and losses results in a net loss, the loss is fully deductible against ordinary income. Follow the link to learn more! https://lnkd.in/gbxZFDZE
Forrest Morrow, CPA’s Post
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If you’re selling property used in your trade or business, you should understand the tax implications. Many rules may apply. Let’s assume you want to sell land or depreciable property used in your business and held for more than a year. Gains and losses from sales of business property are netted against each other. The net gain or loss qualifies for tax treatment as follows: 1) If the netting of gains and losses results in a net gain, long-term capital gain treatment results, subject to “recapture” rules. Long-term capital gain is generally more favorable than ordinary income. 2) If the netting of gains and losses results in a net loss, the loss is fully deductible against ordinary income. Follow the link to learn more! https://lnkd.in/gc-umd2F
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If you’re selling property used in your trade or business, you should understand the tax implications. Many rules may apply. Let’s assume you want to sell land or depreciable property used in your business and held for more than a year. Gains and losses from sales of business property are netted against each other. The net gain or loss qualifies for tax treatment as follows: 1) If the netting of gains and losses results in a net gain, long-term capital gain treatment results, subject to “recapture” rules. Long-term capital gain is generally more favorable than ordinary income. 2) If the netting of gains and losses results in a net loss, the loss is fully deductible against ordinary income. Follow the link to learn more! https://lnkd.in/gPRwtXqT
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If you’re selling property used in your trade or business, you should understand the tax implications. Many rules may apply. Let’s assume you want to sell land or depreciable property used in your business and held for more than a year. Gains and losses from sales of business property are netted against each other. The net gain or loss qualifies for tax treatment as follows: 1) If the netting of gains and losses results in a net gain, long-term capital gain treatment results, subject to “recapture” rules. Long-term capital gain is generally more favorable than ordinary income. 2) If the netting of gains and losses results in a net loss, the loss is fully deductible against ordinary income. Follow the link to learn more! https://lnkd.in/gaKsbfEq
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If you’re selling property used in your trade or business, you should understand the tax implications. Many rules may apply. Let’s assume you want to sell land or depreciable property used in your business and held for more than a year. Gains and losses from sales of business property are netted against each other. The net gain or loss qualifies for tax treatment as follows: 1) If the netting of gains and losses results in a net gain, long-term capital gain treatment results, subject to “recapture” rules. Long-term capital gain is generally more favorable than ordinary income. 2) If the netting of gains and losses results in a net loss, the loss is fully deductible against ordinary income. For full article click here: https://lnkd.in/gU4Te54Y
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If you’re selling property used in your trade or business, you should understand the tax implications. Many rules may apply. Let’s assume you want to sell land or depreciable property used in your business and held for more than a year. Gains and losses from sales of business property are netted against each other. The net gain or loss qualifies for tax treatment as follows: 1) If the netting of gains and losses results in a net gain, long-term capital gain treatment results, subject to “recapture” rules. Long-term capital gain is generally more favorable than ordinary income. 2) If the netting of gains and losses results in a net loss, the loss is fully deductible against ordinary income. https://lnkd.in/g6T_kn9Y
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If you’re selling property used in your trade or business, you should understand the tax implications. Many rules may apply. Let’s assume you want to sell land or depreciable property used in your business and held for more than a year. Gains and losses from sales of business property are netted against each other. The net gain or loss qualifies for tax treatment as follows: 1) If the netting of gains and losses results in a net gain, long-term capital gain treatment results, subject to “recapture” rules. Long-term capital gain is generally more favorable than ordinary income. 2) If the netting of gains and losses results in a net loss, the loss is fully deductible against ordinary income. For more information please visit our website at https://bit.ly/tax-briefs
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If you’re selling property used in your trade or business, you should understand the tax implications. Many rules may apply. Let’s assume you want to sell land or depreciable property used in your business and held for more than a year. Gains and losses from sales of business property are netted against each other. The net gain or loss qualifies for tax treatment as follows: 1) If the netting of gains and losses results in a net gain, long-term capital gain treatment results, subject to “recapture” rules. Long-term capital gain is generally more favorable than ordinary income. 2) If the netting of gains and losses results in a net loss, the loss is fully deductible against ordinary income. For more information please visit our website at https://bit.ly/tax-briefs
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If you’re selling property used in your trade or business, you should understand the tax implications. Many rules may apply. Let’s assume you want to sell land or depreciable property used in your business and held for more than a year. Gains and losses from sales of business property are netted against each other. The net gain or loss qualifies for tax treatment as follows: 1) If the netting of gains and losses results in a net gain, long-term capital gain treatment results, subject to “recapture” rules. Long-term capital gain is generally more favorable than ordinary income. 2) If the netting of gains and losses results in a net loss, the loss is fully deductible against ordinary income. For more information please visit our website at https://bit.ly/tax-briefs
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If you’re selling property used in your trade or business, you should understand the tax implications. Many rules may apply. Let’s assume you want to sell land or depreciable property used in your business and held for more than a year. Gains and losses from sales of business property are netted against each other. The net gain or loss qualifies for tax treatment as follows: 1) If the netting of gains and losses results in a net gain, long-term capital gain treatment results, subject to “recapture” rules. Long-term capital gain is generally more favorable than ordinary income. 2) If the netting of gains and losses results in a net loss, the loss is fully deductible against ordinary income. For more information please visit our website at https://bit.ly/tax-briefs
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If you’re selling property used in your trade or business, you should understand the tax implications. Many rules may apply. Let’s assume you want to sell land or depreciable property used in your business and held for more than a year. Gains and losses from sales of business property are netted against each other. The net gain or loss qualifies for tax treatment as follows: 1) If the netting of gains and losses results in a net gain, long-term capital gain treatment results, subject to “recapture” rules. Long-term capital gain is generally more favorable than ordinary income. 2) If the netting of gains and losses results in a net loss, the loss is fully deductible against ordinary income. For more information please visit our website at https://bit.ly/tax-briefs
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