Proceeds from sale of property, business, or equipment
Are you thinking of selling property?
Want to sell your business?
Thinking about equipment to buy or sell?
Selling a property, business or equipment requires planning and thinking. It often requires working with a professional to strategize the pro’s and con’s of the sale. This article is part of a series of articles about Instant Wealth.
A good agent is essential and you need to plan all aspects of the sale: who, when and how. It is really important to work with someone that you can trust, cares about what they do, cares about their clients, and is a real professional.
Some of the properties you may sell may have been depreciated and there is recapture and ordinary gains to pay on the sale. Capital gains is also something you need to consider and of course any loans to subtract from the sale amount. You now have your cash that is left. What to do?
If you are a business owner, you may want to invest capital in the business by injecting cash or perhaps replace equipment.
You may want to buy or exchange business you built and start something brand new.
What about moving completely out of the area, move to another region of the country, and buy a new home.
You can also do an exchange 1031 property exchange deferring capital gains. By exchanging one rental property for another, land, or any like kind property. This requires a special agent that works with 1031 exchanges.
You can also save, plan and make other decisions with the proceeds by using the cash for retirement, vacation, etc..
Meyers Financial Services, Inc. can help you make beneficial decisions about selling property, money, and wealth.
About the Author:
Lillian Meyers CFP®, CDFA®, EA is a financial planner in Sonoma, California helping clients with wealth events, planning for retirement, loss of a spouse or divorce. She has decades of experience assisting clients in living their best retirement life through the use of financial planning, investment management, and other sophisticated financial options.