Yesterday we postponed a transaction and don't think it will close until January. But this is more than just a delay in closing, there are SERIOUS tax implications.
The new year brings new taxes. A change in capital gains taxes, as well as ordinary rates (and don't forget the special Medicare tax on investment income of 3.8%. I doesn't effect a closing directly but will effect the sellers tax return).
All together the delayed closing will increase the tax burden to the seller by $600,000! Needless to say, negotiations are on-going.
Work hard for your clients in the last 61 days of the year. Get those deals closed.
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