Legal Question in Business Law in New York
Sale of property for commerial use
If I sell a piece of property for commerial use,an plan on investing the profits to enlarge an already existing business. How long do I have to reinvest the profits from the sale of the property into my business before taxes will be charged against the sale of the property.
Asked on 1/22/06, 2:18 pm
1 Answer from Attorneys
Norman Nadel
Norman Nadel, Esq.
Re: Sale of property for commerial use
The profit must be reported in the tax return for the year in which the sale occurrs. Estimated tax payments apply.
There is no deferral of the payment of the tax in the situation you describe.
Answered on 1/22/06, 2:30 pm
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