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Form 4797 online Glendale Arizona: What You Should Know
We have two properties which we purchased and held for several years. One is a 30,000 square foot facility in Phoenix. The other is a 3,000 square foot facility in Flagstaff, Arizona. At the time of a sale, this portion of the business goes into escrow. Escrow is where the property is being held for the purpose of recovering taxes and any outstanding debts. After the property is sold, all taxes need to be paid immediately. The remaining balance will usually be paid within about 60 days and is paid off as your assets are returned to you. We plan on listing our escrow and interest amounts in another post in the future. In the meantime, this post should help clarify how escrow works. If you are a business owner, be sure to ask your accountant about this process. If you have a business plan, and want that plan to reflect the amount of capital you want to hold, you will need to enter that amount. If you hold cash or other investments in your business, you will need to show those in your plan as well. Once you have set this up, you could sell your rental property. If the property was worth more than the escrow amount, you will be subject to a 10 percent tax on any gains. In most cases, these taxes will apply retroactively up to the date you held the property, and you will not need to pay anything until that date.
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