How much capital gains would I pay in this situation?
I know I would need to speak to an accountant specializing in this, but felt I might get help from some experience property tax accountant here.
We built a commercial property in 2004 for $4.5 million. We then bought out the partner by refinancing the property and buying him out at a $5.2 million valuation. We paid $1.2 million for his stake. We now have an offer for $5.9 million. My question is that what are the cap gains profits? Is it simply on the $700k profit since the buyout? Is there a way for us to limit the tax on the $700k?
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