Capital Gaines

General Q & A
1

I will be selling a collectable through an auction in two months, I’ve had this for over 40 years and it is estimated to bring in over $1M. How can I set up something (LLC, C-Corp), anything, to avoid being raked over the coals with taxes. Yes I know I’ll have to pay some tax, but how can I avoid paying out the full 28% plus the 13% in CA. ?

Thank you

2

Thank you so much for the question. We answered this on our last podcast. Please check it out and we hope our comments were helpful. Mark and Mat