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PDtax
PDtax, CPA, MBA
Category: Finance
Satisfied Customers: 4093
Experience:  Tax professional and business consultant for 35 years.
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I bought a property k gas station I have a capital

Customer Question

I bought a property for 35 k gas station
I have a capital contribution account of 2,000,000 cash
I bought the property 25 years ago
If I sell the property for 500 000 can I avoid paying capital gains on all the money received if I simply reduce.my capital account 500 ooo
All that is left is land and building
I am currently an llc
Richard
Submitted: 1 year ago.
Category: Finance
Expert:  PDtax replied 1 year ago.

Hi from just answer. I'm PDtax, and will assist.

If you sell the property, you will have tax to pay on the capital gain. If you sell your LLC, there will also be tax to pay. Sorry that your idea won't work.

Expert:  PDtax replied 1 year ago.

Thanks for asking at just answer. Positive feedback is appreciated. I'm PDtax.