This is for Sole proprietorship LLC
We bought land and some residential buildings. We rented some of those for a few months, we demolished one building (that’s part of infrastructure, that was the plan since day 1); built some houses, fix other houses, continue infrastructure, sold some houses.
Where do I include the land, the residential properties and the costs for infrastructure and building?
If I try to use schedule C:
I can’t add residential properties (only commercial and these are homes for sell)
If I try to use schedule E:
It’s only for rental properties (the intention was not to keep them as rentals, we rented them for 2 or 3 months only until we started construction)
Somebody suggested adding this as inventory but that makes no sense to me?
Help 🙂 Thanks
