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Business Transaction


Asked on Sep 4, 2021

Our boat is a flow through asset to us when we closed our Delaware LLC about 4 years ago. We sold the boat to ourselves at a one dollar amount registering and documenting it to us in our names...the corporation closing. The boat would possibly sell for 150k to 18k in today’s market. We did pay Florida state sales tax years ago and this was recognized on flow through to us. What if anything will we owe if it’s a capital gain? Thank you.

We plan to sell the boat in a month or two in Florida. We are retired with retirement incomes of less than 40k per year and we live in Florida. Thank you.

1 Attorney answer




Answered 372 days ago

Jane C.

ContractsCounsel verified

Business Lawyer
Licensed in Connecticut, District of Columbia, New York
Free Consultation

I suggest you consult with a tax attorney. There are many attorneys on Contracts Counsel that can assist you.

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