Posted by John K Haslach, CPA, MST on April 04, 2006 at 15:32:18:
You cannot write off personal expenses. Not sure what you mean about business expenses. If you have a capital asset, you reduce any gain by your basis and any additions to the basis. There may be a lot more to it than that.
Capital Gains Tax Questions - Posted by Wendy Jernigan
Posted by Wendy Jernigan on April 04, 2006 at 12:59:21:
Hi,
I have purchased 3 houses under my name. I created an LLC and plan on
expensing everything I can. I have a house that I am under contract to sell
April 12. My question is this: Since this house is under my personal name
and not my business name, can I do something before it sells that will help
me out at tax time? If not, can I pay myself a salary from the profits that I can
expense out, or do I have to pay capital gains first?
I also would love to hire a tax professional but I’m not sure who to hire. I
incorporated in Arizona but now I live in Texas. Any suggestions?
Re: Capital Gains Tax Questions - Posted by John K Haslach, CPA, MST
Posted by John K Haslach, CPA, MST on April 04, 2006 at 14:03:46:
If you pay yourself a salary, you have to pick the salary up as income.
Re: Capital Gains Tax Questions - Posted by Wendy Jernigan
Posted by Wendy Jernigan on April 04, 2006 at 15:09:17:
Thanks for your response. So I could pick up the entire amount as
income, and write off my personal AND business expenses?