LLC, Uncle Sam, and $$$

[Deyano M.]

I am trying to figure out the best option for dealing with profits and Uncle Sam! I contacted a CPA and he is $210/hour- egads!! Hoping all of the experts on here can help.

When it comes time to divide the profits, is it possible we could form a LLC along the way to dump the profits into? Would the LLC be able to disperse the profits to us slowly so it wouldn't affect our tax bracket drastically? I have read that capital gains taxes cannot be avoided- even for corporations. We will sell the house in under a year- so please do not suggest holding onto it for 2 years- that isn't an option we are considering.

My Mother and I are getting our loans individually- personal loans to fund the purchase and rehab. Both of our names will be on the title.

Should we just bite the bullet when we sell and hope for the best with deductions, or is there a better way to at least minimize capital gains taxes with some sort of corporation being formed?