Sale of a business or asset
Planner does not allow for sales of Other Assets, such as a business, nor does it account for Capital Gains or Capital Gains taxes on these assets. If a capital gain is anticipated, you may utilize the following workaround.
1: Remove the value of your business or asset from Other Assets
2: Second, create an after-tax account to hold the asset
Step 1: Head over to My Plan > Accounts and Assets and create an after-tax account
Step 2: Select the Capital Gains tax treatment
Step 3: Give the account a descriptive name, "My Yacht" for example
Step 4: Add the market value of your asset as the current balance of the account
Step 5: Enter the cost basis
Step 6: Enter the estimated Rate of Return
Step 7: Set the Turnover Rate to 0%
Step 8: Set the Dividend Yield to 0%
Step 9: Exclude the account from the Withdrawal Strategies
3: Estimate the value of the business or asset at the sale date
Step 1: Head over to Insights > Savings
Step 2: Hover over the account on the sales date
Step 3: View the value of the asset (at the end of the year)
3: Simulate sale of the asset at the sale date using a Transfer
Step 1: Head over to My Plan > Money Flows
Step 2: Press Add a Transfer
Step 3: Add a Transfer FROM the asset TO an after-tax account
This will remove the asset from the plan and move the proceeds to the after-tax account.
4: View the Capital Gain
Head to My Plan > Taxes > Estimated Taxes and view the Capital Gains Tax liability. This will be the difference between the cost basis and the sale price at the time of sale.