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E
Ephesians3-14
Level 7
September 10, 2020
Question

Can I elect to pay capital gain tax in Year 1 if I sell my business on an installment sale?

  • September 10, 2020
  • 1 reply
  • 12 views

If I decide to sell my business in 2020 and have a $200,000 capital gain, can I choose (elect) for tax purposes to pay tax on the entire $200,000 in 2020 even though I will be paid for the business over a 7 year period? 

This topic has been closed for replies.

1 reply

George4Tacks
George4Tacks
Level 15
September 10, 2020

Yes, you can elect out of installment sale. 

A related concern may be cost of Medicare premium, if client is entering retirement. 

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