Updated almost 7 years ago on . Most recent reply
Any advice much appreciated!!
A few years ago my father quit claimed our automotive shop property to me right before he died.
That was 2016. I am due to close next week. I am trying to determine what capital gains tax will be since it was inherited. I also read somewhere that it could be based on your income bracket.
While running the business I did not cut myself a check for over a year and so as far as the irs goes technically I didn’t have an income. That make sense?
Really any advice on how the capital gains tax is gonna be calculate would be much appreciated. I’m just getting started in investing.
Thanks everyone
Nathan