Is there any way to reduce capital gains tax burden from the sale of a LLP property?

[shelbymarberry]

2023 undeveloped land sold in Florida.

[tagteam]

Is the land held by the limited liability partnership?

Did the LLP sell the land or did you sell your interest in the LLP?

[shelbymarberry]

land was held by a LLP. My trust owned a percentage of the LLP.

[tagteam]

Can I presume a grantor trust and you received a K-1 from the LLP?

[shelbymarberry]

Correct

[tagteam]

Thus, presumably, you have capital gain reported on Lines 8 or 9s of your K-1 (short or long term, respectively).

You enter that K-1 into TurboTax, but there is not much you can do with mitigation at this point other than use any capital losses you may have (carryforward or current) to offset the gain.

The LLP could have chosen to do a 1031 exchange but clearly that did not happen.

Also, did the LLP dissolve? Was this your final K-1?