Updated about 19 years ago on .
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LLC and capital gains
If we sell some land we owned for over a year for $296,000 and bought it for $196,000, we need to buy property(ies) that exceed $296,000, right? But also, we do not want to reinvest all the profit. With the boot, will we save on capital gains by being an LLC, incorporated or just as a married couple. By the way this is primo land if developed, and utilities and septic is in, but we can't do it. The land is 3.5 acres, next to beautiful national park, views galore, 15 minutes from freeway, in Tucson, if anyone is intersted. I wish I could get a decent referral for a CPA that specializes in real estate.
Thanks in advance, Dianna