notAgrandma
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Does anyone know how capital gains taxes in the US are applied when selling a business? We have friends that recently sold their B&B and I'm wondering how big their tax bill will be. I know depreciation schedules affect the taxes, but I have no idea how. They owned their B&B for 13 years. The previous owners of our B&B owned the place 17 years and were hit with a $60,000 tax bill that took them several years to pay off. If a B&B is sold as a house, does that affect the capital gains taxes?