I haven't been on this SR in a while, and prior to that I was a lurker. Active on a few other SRs.
I stopped being a wage slave at age 36 and haven't looked back.
Anyway, and I'm not sure if this is allowed or not, I couldn't see where it isn't, but I have an offer for some of you successful investors, entrepreneurs, and business owners, that's a pretty good deal.
Back in the day, I started a few LLCs, and during the financial crisis, a few of these LLCs took heavy losses in Real Estate. I moved on to some of my other companies that were making money and succeeding and just kinda left these LLCs w the losses alone and didn't ever really do anything with them. Just filed the taxes and just kinda kicked them under the rug, and just carried the losses forward until I figured out what to do with them.
This year during tax season, my CPA asked me why I don't sell some of these LLCs? He said they're clean, have no liens, no activity, past any statute of limitations etc.
I was a bit bewildered and he explained what he was talking about.
As you may or may not know, an LLC is a pass through entity, meaning that the income that the LLC makes, passes straight through to you personally, and then of course, you pay taxes on that income. Also, an LLC is a passive income entity.
So, if any of you folks have a successful LLC that is making plenty of money, then you are personally paying plenty in taxes.
An example, if you have an LLC that makes $500k/yr in profit, depending on the rest of your financial situation, you may be paying upwards of 35% or so in taxes (federal) and state taxes if applicable.
So, on 500k in income, that is a tax burden of over $170k ( plus state taxes).
What I have available, are some clean LLCs ( you are welcome, and I encourage you, to do as much due diligence as you want, and have your atty talk w my atty, and your cpa talk w my cpa etc) that have losses. I am open to creative ways to make it work for both parties so as it is transparent and clean and easy.
So, for instance, if you purchase, one of my LLCs ( or a pro rata share of the LLC) that has $500k of losses, then your tax burden will be $0. So then if I sell you those losses for something less than $170k (for example), then we both have a win-win deal. You pay less than you would if you had to pay taxes, and I make some money on these LLCs.
Of course, if your LLC doesn't end up making $500k this year, then the beauty is that these losses get to be carried over until they are used up. So it's a pretty good deal if you currently have a profitable LLC.
I have plenty of other tax shelters and losses to offset my future income, so that's why my CPA made the suggestion.
So, feel free to PM me, and we can discuss specifics.