I am selling a small guest house due to 'partnership failure'. We gave it two years and it did not work out. Once this is sold, what are our tax liabilities as presumably the value of the property will have incresed a little in 2 years.
Answer:
you should ask your accountant.
depends on what province/nation you live in
difficult, you say partnership, married, partners, what ?, property HAS gone up so you will be liable for that, as for selling it as business, try DALTONS WEEKLY, tax wise, pop into a tax office locally and tell them the current value of the property and they will 'band ' it for you. good luck
yes I agree, check with your accountants.
Try Customs and Revenue site they have all the current details on partnership taxation rules. Or even phone your local office for the leaflet, disolving partnerships.
The answers post by the user, for information only, BAnswer.com does not guarantee the right.
Other Questions and Answers:i have a business of cleaning hoods ,my question is how to get customers?
Is there any site which sends u money to ask questions and answers as we do here on yahoo??!?
Where do I find dogs to sell in a pet store?
Im looking for business partner in the NorthEast!?
How do I start a home-based candy business in Ohio?
Hi i am looking to start a franchise guaranteed to work, if interested let me know..i live in canada?
i am a ten year old girl can i sell stuff on ebay to save up for law school?
I have over 20 yrs of experience and i have my own business i'm looking for more business?