Tuesday, September 21, 2010

I am selling a business which is my primary residence also, Do I still qualify for the $250K Tax Exemption?

I own a restaurant, it's a C Corp. The restaurant has been my primary residence siince it was purchased nearly 30 years ago. However everything is under the corporation, Buildings, Land, Business etc. When I sell the business will I still qualify for the $250K Primary residence Tax exemption? How do I go about getting this exemption? ANy advice or guidance would be helpful.