I own two companies, each is a totally separate LLC. One is a real estate business with a large mortgage. The other is a retail profitable retail business. I want to sell the retail business and use the proceeds to pay the debt from the real estate venture. Can I do this without paying capital gains taxes on the sale of the first?
2007-12-04 11:28:57 · 3 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ Other - Taxes
No.
Regardless of what you do with the proceeds, the gain will be taxable.
2007-12-04 13:29:30 · answer #1 · answered by Wayne Z 7 · 1⤊ 0⤋
Since the companies are distinct and separate, each a limited liability company, the sale of the retail business is subject to capital gains. If you are 100% owner of each and report the total income on your tax return, any operating losses can be offset by capital gains.
2007-12-04 14:01:17 · answer #2 · answered by googie 7 · 0⤊ 0⤋
yes you can because all profits go to you and not really the company
2007-12-04 11:38:02 · answer #3 · answered by Anonymous · 0⤊ 3⤋