Ok, I have an LLC with a dba on a retail store (California). I'm looking into completing the sale in the next 2months. I read somewhere that a business can be sold as the LLC as a whole, or be sold as assets being broken down. Is that true and if so, is the advantage in selling the entire LLC really at a 15% tax vs 33% tax braket?
Are there any tips in lower my capital gains tax on ($700k selling price). Meaning can I invest that gain into paying off my $400k mortgage and only have to pay taxes on the $300k or even buying a second home with $500k down and pay taxes on $200k?
2007-08-13 11:21:42 · 4 answers · asked by aH D 1 in Business & Finance ➔ Taxes ➔ United States
If you truly own a business, then you truly have a Tax Accountant who is a Certified Public Accountant.
2007-08-13 11:33:27 · answer #1 · answered by kNOTaLIAwyR 7 · 0⤊ 0⤋
As others have said, you need to see a professional soon but the two ideas you put forward would not, in any way, lower your tax liability on the sale.
2007-08-13 11:51:14 · answer #2 · answered by Wayne Z 7 · 0⤊ 0⤋
Best advice is a GOOD tax accountant to advise you and handle all the state and IRS paper work. Good Luck.
2007-08-13 11:30:10 · answer #3 · answered by Jan Luv 7 · 0⤊ 0⤋
If you are holding the domain names for investment purposes, you could use section1031 of the tax code to defer the gains into other domain names held for investment.
2016-05-17 05:38:40 · answer #4 · answered by devona 3 · 0⤊ 0⤋