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- Can I elect to pay capital gain tax in Year 1 if I sell my business on an installment sale?
Can I elect to pay capital gain tax in Year 1 if I sell my business on an installment sale?
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Ephesians3-14
Level 8
09-10-2020
03:42 PM
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If I decide to sell my business in 2020 and have a $200,000 capital gain, can I choose (elect) for tax purposes to pay tax on the entire $200,000 in 2020 even though I will be paid for the business over a 7 year period?
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1 Comment 1
George4Tacks
Level 15
09-10-2020
04:17 PM
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Yes, you can elect out of installment sale.
A related concern may be cost of Medicare premium, if client is entering retirement.
Here's wishing you many Happy Returns
