Sales and use tax on asset sale in GA

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by a searcher from Charles Sturt University
in New Jersey, USA

1yr ago

Sales and use tax on asset sale in GA

Hello,

Does asset sale transaction in state of GA trigger sales and use tax? Anyone have any knowledge on this?

Thanks
Ruchik

1 Like

294 Views

reply by a searcher 1yr ago
from University of Maryland at College Park in Havre De Grace, MD 21078, USA

I am in Maryland but did a little digging recently due to looking at a deal there. Remember you can always write into your sale and purchase that the seller is on the hook for the taxes but if the buyer is responsible by law, you can always "settle up" in the last part of the seller financing or earn out if needed.
Here is a link to one of a three part series (you can search the site for the other 2): redacted

reply by a searcher 1yr ago
from Mercer University in Atlanta, GA, USA

I'll raise your "stupid question" with a stupid (but potentially directionally helpful) answer - here's what ChatGPT had to say: In Georgia, the sale of tangible personal property as part of a business asset sale is generally subject to sales tax. This includes items such as equipment, furniture, and inventory. However, the sale of intangible assets, such as goodwill, trademarks, or customer lists, is typically not subject to sales tax.

To better understand your specific situation and avoid potential tax liabilities, you should consult the Georgia Department of Revenue's guidelines on sales and use tax, particularly regarding business asset sales. The following links provide detailed information and resources: - [Georgia Department of Revenue Sales and Use Tax FAQ](redacted) [[❞]](redacted) - [Successor Liability Information](redacted) To ensure compliance, it’s advisable to consult with a tax professional or attorney who specializes in Georgia tax law to review the specifics of the transaction. They can provide detailed guidance based on the exact nature of the assets being sold and any applicable exemptions or specific rules.

P.S. I don't believe in stupid questions =) Best of luck to you in your search!