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Capital Gains And Vacant Lots...

dheckel profile photo
  • Wednesday, December 10, 2003 @ 07:56 PM EST
  • 5 Comments

I have some vacant lots for sale that are owned by an LLC that I formed.

Will this fact allow me to avoid capital gains upon selling the lots?

TIA
Don

Comments(5)

  • no photo
    dheckel9th December, 2003

    Anyone?

    TIA

  • no photo
    spoons239th December, 2003

    LLC is a pass-through entity that is disregarded for tax purposes. It doesn't matter how long you hold it, you still have to pay cap gains.

  • no photo
    GFous10th December, 2003

    LLC will not protect capital gains, but rate is only15% now.

    Gregg
    [addsig]

  • no photo
    dheckel10th December, 2003

    Thanks for the replies.

    GFous, I see you are in Ft. Myers...
    Can you recommend any good spec. home builders in the area?
    I'm in Lehigh Acres.

    Thanks again.
    Don

  • no photo
    GFous10th December, 2003

    You need to give me your definition of "Good"

    You get to pick two out of the following three:

    1. High quality
    2. Fast
    3. Cheap

    I am sure I can help you. PM me.
    [addsig]

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