USA Long term capital gain tax

[David Day]

We are selling a property that is in a family limited partnership. My share will be $400,000. My projected taxable income for 2017 will be around $30,000. What are the tax implications and are there strategies to minimize burden?

 

[kirby]

If I was going to get $400K, I would not seek help on an internet forum. Go get professional advice. You've got the bucks to do so.

 

[David Day]

Agreed. I just put it out there while I was waiting for my appt with my accountant. I learned he will have to do a 1250 recapture, among other things before we can really have an idea of tax liability. Thank you for your reply

 

[pndaccountants]

If you sell a capital asset, such as real estate or shares, you usually make a capital gain or capital loss. This is the difference between what it cost you to acquire the asset and what you receive when you dispose of it.

 

[Drmdcpa]

There are many issues involved. Partnerships are veritable tax land mines.

You may have 1250 recapture; you may not.

You should ask the managing partners what your K-1 will be passing thru.

You may also need to know your basis in the partnership and if you have had losses that were suspended due to basis, at risk, or passive activity rules.

You need a CPA to help you figure things out.