Frustrated - Posted by Shawn M

Posted by brad on May 20, 2002 at 12:15:07:

wrong place and not enough information. you own a buisness or a building and a buisness.

Frustrated - Posted by Shawn M

Posted by Shawn M on May 20, 2002 at 11:43:13:

Ok, here’s my situation. I own a gym and am in the process of selling it. I owe $12,000 on an equipment loan. My accountant has taken full depreciation on the total value of the equipment, ($80,000), over the past two years.
My question is how much can I figure to NET on the deal? If i sell everything for $60,000, what’s my percentage of taxes due? Also, when are those taxes due? When i receive funds from the sale, or in a year? (I was thinking around 40% tax.)
I realize this mightnot be the correct place to post this, but I frequent these boards, and everyone is very knowledgeable here. i appreciate it all.

Thank you,
Shawn M