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Lobby Financial Feast topic #588

Subject: "Is my basis reduced on the sale of my business?" Previous topic | Next topic
toddebachMon Jul-28-08 02:26 PM
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"Is my basis reduced on the sale of my business?"



I have owned a carpet cleaning business for the last 5 years. 
I just recently sold it.  Here is my question, when I first
began this business, I used my personal funds to purchase my
equipment and for start up costs.  My company was a subchapter
S Corp.  Over the years I have taken profits from the business
and paid taxes on these profits. I also depreciated my
equipment.  However, I have never been repaid for the initial
money I put into the company out of my personal funds. 
Shouldn't this reduce my basis and thereby decrease the
capital gains taxes that I own on the sale of my business? 

I would appreciate any help you could give me.




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