Karl is slowly piecing together what she is saying in her sleep and must surely work it all out soon!
seancass said:Can any of the accountants within the membership help me with this quick query please?
Last October I sold a business and it is posible that a small capital gains liability may have been realised. I understand that any capital gains realised can be 'rolled over' into a new business (within a year of the sale or within the next tax year following the sale?).
I am currently in business as a freelance, self-employed writer. Can I assign any capital gain incurred from the sale of my last business to the $25K+ that I need to place in an IB account to assume PDT status if I am to make trading a full time occupation?
I hope this makes sense. I won't be seeing my own accountant until next month by which time he will have assessed any capital gains liability for the last tax year.