Hey guys, Eurofag here. I'm a managing member in an American (CA) LLC which owns some websites. The reason I set that up in the US is legal, and we've been paying taxes yearly, no problems so far.
However, now I'd like to sell one of the websites, and the price is about $60k. My accountant tell me that I will likely have to pay 15% of that money as "long term capital gains" tax.
Is there any way to avoid this, or reduce it? I know there's plenty of investors here and, from my understanding, long-term investments are treated the same, i.e. as capital gains.
So, help a bro out?
Nobody?
>>1180266
So you want to make money off of us Americans, but not pay us our taxes? Fuck you. Get lost.
>>1180325
>So you want to make money off of us Americans
Actually the site mostly has visitors from rich oil countries and Europe, so what I'm doing is paying taxes on foreign profits in the USA. You're welcome.
>inb4 why
Because it's legal in the USA and disputable grey zone stuff where I'm based.
>>1180266
Nope. You're already getting a reduced rate because of capital gains.
You're doing a business sale, and he's going to report this on a Form 4797. You can look at it's instructions to see if there is anything you might be missing, but I doubt it. You'll have your sale price, the original cost or cost basis, and you'll having selling expenses, but that's it.
You can either make money, and pay tax when you sell your successful asset, or you can lose money and not pay anything when you have to write the clunker off. You can't have it both ways. Kudos on the successful website. But 15% is better than the 25% or more you could be paying if it was ordinary income or if you had depreciation.
>>1180266
>My accountant tell me that I will likely have to pay 15% of that money as "long term capital gains" tax.
Unfortunately he's right afaik.
>>1180266
Pay your fucking taxes cuck
>complaining about long term cap gains tax
You do realize that it's better than getting reamed for the 30-40% on short term gains, right?
