Hi,
I am trying to use Turbotax Business and unable to figure out how to account for and file taxes for the situation below:
1. LLC A was formed as a single member LLC. This LLC A got a contract to buy a real estate property.
2. LLC B paid $2000 to the single member of LLC A for their ownership in LLC A. That is - we (LLC B) spent $2000 to become sole member of the LLC A
3. And then the property (Single Family House) was purchased with LLC A as the purchaser at the closing time.
4. LLC A transferred the interest in the purchased property to LLC B effectively making LLC B the owner of the property while LLC B continues to be a member of LLC A.
5. The property was acquired by LLC B from LLC A for flipping or rental. After purchase and transfer of property to LLC B, LLC B invested capital to refurbish and renovate but the property neither got sold or rented in 2024.
How to file taxes via Turbotax business for LLC A and LLC B. LLC B most likely be reported on Schedule C but I am not clear about tax filing for LLC A - original LLC that bought the property but now does not dierctly own the property.
Thanks for help.
