Sale tax for commerical building in IL?

Question

I am selling a commercial building in IL, does anyone know the sale tax i would be paying? Is there any other alternative way can save me few bucks. Should I look for a financial expert for advice or CPA can do it?

Answer 1

Sales tax is generally not imposed on the sales of real property.  However, there will be real estate transfer taxes to be dealt with.

Answer 2

Illinois does not impose a sales tax on the sale of real property or capital assets such as business property.  If you have a net gain on the sale, there are capital gain taxes to consider, however.  Is this what you meant?  The tax rate in IL is the same for all income including capital gains: currently 3% for individuals.  If you have a loss on the sale, your income will be reduced.  Make sure you keep a record of all of the expenses of sale, and any expenditures that added to the basis of the property.