Back in 2005, I inherited a business from my father.
In 2010 I sold a 50% interest in that business to my partner.
I just sold the remaining 50% interest in the business to my partner.
I assume I will owe capital gains on the most recent sale. What is the cost basis for the capital gains? 50% of the valuation what was made at the time of my father's death in 2005?
I will check with my CPA of course, but BHs are a lot more responsive.
In 2010 I sold a 50% interest in that business to my partner.
I just sold the remaining 50% interest in the business to my partner.
I assume I will owe capital gains on the most recent sale. What is the cost basis for the capital gains? 50% of the valuation what was made at the time of my father's death in 2005?
I will check with my CPA of course, but BHs are a lot more responsive.
Statistics: Posted by WeakOldGuy — Sun Jan 28, 2024 4:47 pm — Replies 1 — Views 168
