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re: O.t. help selling my share of l.l.c.
Posted on 11/18/19 at 8:55 pm to SuperSaint
Posted on 11/18/19 at 8:55 pm to SuperSaint
Whatever happened to W and his family's historic land?
0
Posted on 11/18/19 at 9:09 pm to UncleD7734
How long have you owned it and how did you acquire it?
Posted on 11/18/19 at 9:16 pm to Mid Iowa Tiger
Why 2 years?
Posted on 11/18/19 at 9:31 pm to UncleD7734
If you already paid property taxes on it then no. You can’t be double taxed on the same land.
Posted on 11/18/19 at 9:50 pm to RummelTiger
Did the buyer give you a 1099? Dont ask dont tell
Posted on 11/18/19 at 9:53 pm to UncleD7734
Just claim you had paid more for your share years ago than what you are selling now for, and claim a deduction.
Win
Win
This post was edited on 11/18/19 at 9:54 pm
Posted on 11/18/19 at 9:55 pm to Curdoglsu
quote:
Why 2 years?
Yeah the 2 year holding period threw me off too.
Posted on 11/18/19 at 10:27 pm to UncleD7734
Go to box L on your latest K1. Are you selling it for more than the amount listed in “Ending Capital Account?”
Posted on 11/18/19 at 10:56 pm to UncleD7734
Damn, y'all are slipping.
Yes you'll have to pay taxes. About $3.50.
Yes you'll have to pay taxes. About $3.50.
Posted on 11/19/19 at 5:30 am to UncleD7734
quote:
I have a 16% share of a L.L.C. that owns land for hunting.
If this isn't inside the levee you've come to the wrong place
Posted on 11/19/19 at 8:07 am to UncleD7734
I think you only pay tax on the net amount you gain from the sale.
For example if you bought in at 100k and sell at 120k you pay capital gains on 20k
For example if you bought in at 100k and sell at 120k you pay capital gains on 20k
Posted on 11/19/19 at 8:13 am to UncleD7734
Did you realize a gain you dipshit?
Posted on 11/19/19 at 8:31 am to Skin
Maybe quite possibly.
Posted on 11/19/19 at 8:58 am to Curdoglsu
quote:
Why 2 years?
IRS guidelines on long term holding versus short-term.
Posted on 11/19/19 at 9:49 am to UncleD7734
What is your basis in the property?
Posted on 11/19/19 at 9:56 am to UncleD7734
quote:
have to pay any tax to gubment?
Only if you profit from the sale.
If you are taxed, you can obviously use some expenses you've incurred to make said profit.
No pro here...just opinion
Posted on 11/19/19 at 9:58 am to UncleD7734
What’s your basis?
Posted on 11/19/19 at 10:45 am to UncleD7734
The responses are classic.
Also, the OP, if he knows what he's talking about, is selling 16% of an LLC that owns land, not 16% of the land. Big difference.
Also, the OP, if he knows what he's talking about, is selling 16% of an LLC that owns land, not 16% of the land. Big difference.
Posted on 11/19/19 at 11:11 am to LSUFanHouston
The operating agreement should contain buy-sell restrictions that govern the timing of sale, if permitted in the first place.
Posted on 11/19/19 at 11:34 am to Jobo
quote:
What’s your basis?
You think someone who comes on the OT with a question about taxes knows what basis is?
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