Capital Gains..........

[osagesquaw@aol.com]

We are selling a small motel which has been our residence for the last 4 years. What taxes are we looking at? Never sold a home before. Our mortgage is residential for the motel. Mostly had losses for this business. We own and operate another business rebuilding transmissions on semi-trucks.

[demetris]

I am afraid the information is insufficient to give any opinion. What exactly are you selling, business or building? And are you a limited company or an unincorporated business (partnership or sole trader).

Anyway, we do have a helpful article on the subject of how to plan your exit route in a tax efficient way, you are welcome to check it out. It is written, like all our articles in plain, non-technical language.

Demetris Savva BA FCCA
http://www.tax-accounting-london.info
constantinesavva@accamail.com