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I setup an LLC and bought a house in 2024. Intend is to sell it in 2025. How do I report the purchase and expenses for the LLC in 2024? Thanks

 
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Vanessa A
Employee Tax Expert

I setup an LLC and bought a house in 2024. Intend is to sell it in 2025. How do I report the purchase and expenses for the LLC in 2024? Thanks

Yes, it is still true that you will not report anything until you sell it.  Then when you sell it, you will deduct the total costs from the selling price to arrive at your net profit on form 1065.  The LLC will then generate K-1's to each of the 3 of you reporting your individual percentages which you will then enter on your personal tax returns. 

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ThomasM125
Employee Tax Expert

I setup an LLC and bought a house in 2024. Intend is to sell it in 2025. How do I report the purchase and expenses for the LLC in 2024? Thanks

I assume you mean you have a single-member LLC which would be reported as self-employment income on a Schedule C as part of your Form 1040 personal tax return. If you purchased the property to "Flip" it, such that it is not used for personal purposes, you would accumulate all of the costs associated with it and deduct them in the year that you sell the house. So, in 2024 wouldn't report anything for it on your tax return.

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I setup an LLC and bought a house in 2024. Intend is to sell it in 2025. How do I report the purchase and expenses for the LLC in 2024? Thanks

Thank you for your help.
It is not s single member LLC. We re three partners, 33.33% each.
And yes, we purchased the property to flip it.
Is it still true that we don't need to report anything in 2024?
Thanks!

Vanessa A
Employee Tax Expert

I setup an LLC and bought a house in 2024. Intend is to sell it in 2025. How do I report the purchase and expenses for the LLC in 2024? Thanks

Yes, it is still true that you will not report anything until you sell it.  Then when you sell it, you will deduct the total costs from the selling price to arrive at your net profit on form 1065.  The LLC will then generate K-1's to each of the 3 of you reporting your individual percentages which you will then enter on your personal tax returns. 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
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