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All Forum Posts by: Prav Se

Prav Se has started 1 posts and replied 1 times.

Tax, SDIRAs & Cost Segregation

Post: what are all my options to consider this LLC profit as capital gains?

Prav SePosted
  • Posts 1
  • Votes 1

Here's my situation:
2024:- W2 income: ~ $1M (married filing jointly in CA) 

LLC profit: $80K (from 2 real estate flips, in NC on spouse's name)

Capital loss carryover: $380K (from stocks in 2023)

In what cases can my LLC profit be treated as capital gains? I had hoped to offset it with my capital loss carryover and haven't planned for any expense documentation etc. can I make the case that I am not a dealer because this is my first time and also have a high w2 income relative to the LLC profit?

I know this question was discussed many times previously, but hoping that high W2 or capital loss carryover bends the case in my favor to claim this as capital gain. 

1 Vote
San Francisco, California