I have a large chuck of long term capital gains that came in this year due to the sell off of an S-Corp. I'm not really sure how it all works to be honest yet as I research, but it would appear that this will make my AGI extremely high, way past the top tier tax bracket. It's not like this is a normal occurrence so I'm trying to figure out the best way to spread this out and or reduce my tax burden for this year. I am also 38% owner in another S-Corp that is my daily job and have a lot of control over my yearly pay, bonus structure etc. Additionally, I have an LLC which I've used over the years for side work, small income related activities. I used lets say 100k of the gains from the S-Corp sell off to purchase a foreclosed home which I intend to rent after fixing it up. I'll have spent about 160k on the home in buying it, property tax and renovating it in 2014. I'm wondering if it is possible for me to realize that as a business loss on a schedule C or something to help minimize the affects of the capital gains in an attempt to get it back down to the 15% tax bracket or worse case I guess 18.8%. Are there any other ways? IRA, education, etc are not enough to drop the income to any kind of reasonable level. If it matters the rest of the gains from the sell off were put into an investment account which is now higher than it was (considered selling it off to write off the losses temporarily but there are no losses). Oh and I've subtracted out the basis from the capital gains already as well. Thanks.
Federal Taxes: Reducing a Large Amount of Capital Gains
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