USA Minimizing or Avoiding LLC, Capital Gains, New York


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I have a charter boat business which has been taking losses, so I plan to dissolve the corporation and file final tax forms. My problem is that I willl be selling the vessel for about 150k after it has been completely depreciated so there will be a capital gain which will be taxed heavily. My partner is my wife and she has 20% ownership and I have 80%. We file a joint personal tax return. Is there a legal way of minimizing or avoiding the huge amount I will have to pay on a $150,000 gain?
I would imagine someone well should in this area can come up with a creative means of assisting me. The tax will really break the bank.
Thanks so much to you all.
Cape Ray
 
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If you don't need the cash and still use the boat, don't sell it... just keep it and do nothing.... OR lease/option it to someone and carry payments over two years and spread the gain out a bit.
You might explore trading it with a 1031 exchange, but the trade in item would have to be for business. Think creative and there's a few ways to make it work.
 

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