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Updated about 1 year ago on . Most recent reply
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Trying to pay less tax on money from llc
Hello. I think I’m in a tricky tax question and before I ask someone I wanted to get an insight from members.
I refinanced an investment house into a two partner llc which I am one member. We received money and sits in bank account. I took some money out and find out I will pay taxes on it.
so now I have a big chunk of money in there that I will pay tax on. Now I will be selling the house and dissolving the llc.
now what is the best way or creative way to have that money and the money from the sale and not get taxed hard or not at all. Can I roll that into another llc for a future investment. ???? Thoughts
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Quote from @Basit Siddiqi:
first need to identify if the transfer to the LLC was a contribution or a sale.
First need to get the partnership return done first before you can do your individual return and calculate the gain if any.