Search found 7 matches

by Larry2623
Mon Oct 09, 2017 6:00 pm
Forum: Personal Finance (Not Investing)
Topic: Private S corp stock
Replies: 6
Views: 384

Re: Private S corp stock

stan1 wrote: ↑
Mon Oct 09, 2017 2:40 pm
How does your state handle taxation on the sale? If you live in California you might want to move to a different state.
I live in Florida no state tax
by Larry2623
Mon Oct 09, 2017 2:37 pm
Forum: Personal Finance (Not Investing)
Topic: Private S corp stock
Replies: 6
Views: 384

Private S corp stock

I invested $140k in my brother's private corp about 5 years ago. I do not materially participate in the business and I am a less than 1% owner. He expects to sell biz in about 14 months and I expect about $960k from sale. LT capital gains of ~$820k. I am getting ready to retire in a few months. My q...
by Larry2623
Fri Sep 29, 2017 6:06 pm
Forum: Investing - Help with Personal Investments
Topic: I won the Lottery. Need sound advice.
Replies: 220
Views: 24984

Re: I won the Lottery. Need sound advice.

Congrats on your win!

If I were you I would first try to figure out how I got in such a terrible financial state before my win...it was really bad considering you guys were making 200k. If you do not figure out how you got there and correct it, I am afraid you will be right back there in 10 years.
by Larry2623
Sun Jul 16, 2017 10:11 am
Forum: Personal Finance (Not Investing)
Topic: Large future capital gain
Replies: 8
Views: 1095

Re: Large future capital gain

thanks for info. I am passive. I do recieve the k1 loss statement each year that I may be able to use.
by Larry2623
Sun Jul 16, 2017 8:21 am
Forum: Personal Finance (Not Investing)
Topic: Large future capital gain
Replies: 8
Views: 1095

Re: Large future capital gain

Also I am a member of the 2017 retirement class...if that makes a diff.
by Larry2623
Sun Jul 16, 2017 8:19 am
Forum: Personal Finance (Not Investing)
Topic: Large future capital gain
Replies: 8
Views: 1095

Re: Large future capital gain

It is private stock in a casual dining restaurant chain...currently an s corp.
by Larry2623
Sat Jul 15, 2017 9:35 pm
Forum: Personal Finance (Not Investing)
Topic: Large future capital gain
Replies: 8
Views: 1095

Large future capital gain

I invested in a private company 5 or so years back. The people running things say they will either sell the company in 2018 or if they do another capital raise 2022. When this sells I was told to expect to have low 7 figure capital gain..1-3 depending on sale year. I know nothing is 100% until the s...