Can you collect capital gains on the sale of your business in the state of California?

Answer by  patti (29325)

The sale of a business might result in a profit on which you will have to pay taxes, depending on how the business and the sale are structured. Given the location of the business, it would be best to engage an attorney to navigate through California's tricky and extensive tax laws.

Answer by  gleverance (720)

Capital gain is the amount of money you make in excess of the amount of money you invested in a business. You collect this when you sell the business, no matter where you are. The question is to what extent the gains are taxed by the state and IRS. That depends on the amount of the sale.

Answer by  worker2592 (117)

Yes, Capital gains taxes are imposed if you make a profit on the sale of you business in California. Most states have a provision for Capital Gains.