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Started By
Message
O.t. help selling my share of l.l.c.
Posted on 11/18/19 at 8:10 pm
Posted on 11/18/19 at 8:10 pm
I have a 16% share of a L.L.C. that owns land for hunting. If I sell my 16% share, do I have to pay any tax to gubment?
28
Posted on 11/18/19 at 8:11 pm to UncleD7734
quote:
If I sell my 16% share, do I have to pay any tax to gubment?
Why would you NOT have to?
Posted on 11/18/19 at 8:11 pm to UncleD7734
That depends on a lot of factors. You should ask a CPA.
Posted on 11/18/19 at 8:11 pm to UncleD7734
I just wouldn’t if I were you
*not a lawyer
*not a lawyer
Posted on 11/18/19 at 8:12 pm to UncleD7734
Did you make any money?
Posted on 11/18/19 at 8:12 pm to UncleD7734
Money board
Posted on 11/18/19 at 8:12 pm to UncleD7734
The man trying to get you for sure
Posted on 11/18/19 at 8:12 pm to UncleD7734
No
Posted on 11/18/19 at 8:14 pm to UncleD7734
Well you do now that you blasted the deets on the internet!
Chicken is a mandatory reporter to the IRS.
Chicken is a mandatory reporter to the IRS.
Posted on 11/18/19 at 8:14 pm to UncleD7734
Wouldn’t happen to be in Ascension parish would it?
Posted on 11/18/19 at 8:14 pm to UncleD7734
What's your equity in the company, and what are you selling it for?
Posted on 11/18/19 at 8:15 pm to UncleD7734
I just looked it up in the tax codes and it looks like you won’t have to pay any tax. Congrats!
Posted on 11/18/19 at 8:16 pm to SuperSaint
That’s the first thing I think about whenever I see “LLC” on this site.
Posted on 11/18/19 at 8:16 pm to UncleD7734
This is the OT lounge. You do not need to label your post as OT. This message is brought to you by the Department of Redundancy Department.
Posted on 11/18/19 at 8:17 pm to Slagathor
quote:
Chicken is a mandatory reporter to the IRS.
Naw, he just does it because he loves chaos.
Posted on 11/18/19 at 8:19 pm to UncleD7734
If you are selling it to a trusted person that is willing to engage in fraud with you, you can absolutely get around paying tax on it.
Posted on 11/18/19 at 8:25 pm to SuperSaint
Never forget the home depot bucket fence.
Posted on 11/18/19 at 8:29 pm to UncleD7734
Depends on if they report the sale.....
Posted on 11/18/19 at 8:29 pm to UncleD7734
Yes, go speak to a tax accountant or business valuation expert. They can help minimize your tax likely by calculating a discount for lack of marketability and a lack of control.
Also you should check the operating agreement to see if you’re even allowed to sell it.
Also you should check the operating agreement to see if you’re even allowed to sell it.
This post was edited on 11/18/19 at 8:34 pm
Posted on 11/18/19 at 8:54 pm to UncleD7734
If you owned it more than 2 years and sell it for more than you paid and don’t have deductions to offset the gain you will pay capital gains on it if less than 2 year hold period regular income. If you purchase a QRP you may be able to delay the tax payment.
Talk to a tax guy or attorney.
Talk to a tax guy or attorney.
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