Just sold my duplex. How can I save on taxes that I will owe?

[Nathan Simons]

Hello everybody! Okay so I will quickly describe the background details of the deal and want to know the best route to lower the taxes that I will owe after the sale of this duplex.

I have a 50/50 LLC with my business partner. In January 2019 we bought this duplex for $63,000 with 20% down payment.

In August 2021 we sold and closed on this property for $133,000.

Once all was said and done they sent us a $77,000 check.

Now we will be taxed on whatever profit we made and I don’t even know how much we will be taxed actually.

My question is should we buy some office materials like computers and desks to help lower the taxes that we owe?

Any other suggestions on what we can buy for the business to lower the taxes?

Thank you much!

[John Teachout]

Long story short, most tax reduction strategies regarding real estate need to be accomplished prior to the sale, not afterwards.