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Updated about 1 year ago on . Most recent reply

User Stats

67
Posts
12
Votes
Ricardo Diaz
  • Rental Property Investor
  • Bridgeport ct
12
Votes |
67
Posts

Trying to pay less tax on money from llc

Ricardo Diaz
  • Rental Property Investor
  • Bridgeport ct
Posted

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 

Most Popular Reply

User Stats

1,173
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751
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Sean O'Keefe
#3 Tax, SDIRAs & Cost Segregation Contributor
  • CPA | Accepting new clients | 50 States
751
Votes |
1,173
Posts
Sean O'Keefe
#3 Tax, SDIRAs & Cost Segregation Contributor
  • CPA | Accepting new clients | 50 States
Replied
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.

@Basit Siddiqi is right in this case.
  • Sean O'Keefe
  • [email protected]
  • txt 6282410888
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