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Rental property sold for profit in 2022 - Capital gains exemption
I sold a rental property this year for a profit of over $50,000. To avoid penalty from the IRS, I thought I could set up a 2-member LLC and use the profit through this in the form of donations, purchase and sales,etc. Will that work as one way to avoid penalties?
Also, what is a one-time capital gains income tax exemption? Would this help me?
Thank you.
‎August 31, 2022
3:49 PM