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All Forum Posts by: Richard Parker

Richard Parker has started 1 posts and replied 1 times.

Personal Finance

Post: LLC's - sorry if this has been asked someplace else

Richard ParkerPosted
  • Investor
  • Cambridge, MA
  • Posts 1
  • Votes 0

I have owned an investment condo for 10 years and the mortgage is paid up. I want to sell, but the depreciation deducted from my basis makes for a big tax bill. Can anyone confirm or comment on whether putting the property into an LLC before selling will actually help me because all of the profit will then be taxed at capital gains (15%) rather than partly capital gains and partly my personal tax rate of 25%?

Thanks!

0 Votes