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Get your taxes done using TurboTax
How you report this sale depends how you have been reporting the LLC activity since the company was formed. If you formed the LLC in 2023, purchased and sold the property in the same year, then dissolved the LLC, you have started in the correct manner.
However, if you formed the LLC in prior year, you should have filed a previous tax return. Most of the information you need will be included in the forms and worksheets from that return.
TurboTax is a user-friendly, interview-based program that will walk you through all areas of your business return and provide an accurate return based on your entries. Look for blue "Learn More" links on most pages if you need help. Or use the Search box to find a particular topic. Most taxpayers are able to complete their returns without much assistance. If you would prefer to have the attention of a Tax Expert as you complete your return, consider upgrading to TurboTax Live.
- Assuming this is a real estate transaction (not the purchase/sale of rental real estate), go to Federal Taxes >> Income >> Dispose of Business Property.
- You must first add the asset, with the date of purchase and business use (usually 100%).
- Choose "other" as the type of asset, then whatever type of real estate you sold.
- Enter the total purchase price and the portion of the purchase price that was for the land (if any).
- If you purchased the property in 2023, the asset is not eligible for deprecation. Otherwise, you'll be asked to confirm the accumulated depreciation.
(If you have previously reported this property and have accumulated depreciation, you will need the depreciation report from the prior year.)
- Now work on the sale of the disposed asset (click Edit from the list of assets).
- Check the box for the disposal type - probably a sale.
- Complete the sale information. separated by building and land (sale price and selling costs).
- TurboTax will provide a summary of the sale outcome (gain or loss).
Since you are filing tax year 2023 return, the due date for filing is April 15, 2024.
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