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AuthorTopic
RVFSR

(1 Posts) 2/18/2011 12:57:48 PM
What is the Capital Gains Tax treatment for selling a Medallon??

I am looking to sell my medallion and was wondering what the capital gains consequences were, if any??

Also can I roll the gains into an investment property or house or something else???

Is there a way to strategize to not pay so much in Long term capital gains?? ALso is it exempt from NYC cap gain tax???

I really need help on this guys~~~ Thanks Rose

Ask_THe_Shack

(12 Posts) 3/8/2011 8:59:20 PM
Re: What is the Capital Gains Tax treatment for selling a Medallon??
Not to sound like a jerk, but I'd STRONGLY recommend that you consult an accountant. Asking a bunch of hacks isn't the best idea in this situation.
Happiesam

(17 Posts) 4/1/2011 8:27:48 AM
Re: What is the Capital Gains Tax treatment for selling a Medallon??
I totally agree on speaking with an Accountant and a Lawyer because this is a legal matter. Lawyer knows best and what to do. If you have a trust worthy Lawyer then go with him/her and thats the best solution to your problem.
Antolin

(58 Posts) 4/4/2011 7:13:54 AM
Re: What is the Capital Gains Tax treatment for selling a Medallon??

Acct, or get Turbo Tax. Basically, if you owned it individually, you would 're-capture' all the depreciation that you should have been reporting over a 15 year life, then pay capital gains rates on the amount that is above the purchase price. Recapture is about 25% Federal, Long Term Capital Gains for Federal is about 15%, short term (2 yrs or less) is higher. So basically an accountant or Turbo Tax can figure this for you, or you can try to do it yourself.

After this, you gotta figure the NYS tax bite, which is different depending if you held it individually or through a corportation. Again, Turbo Tax and/or an accountant is your best bet.

As to lowering the tax bite- ah, now isn't that everyone's favorite goal?

 
 


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