Your single-member LLC is a disregarded entity for tax purposes.
You'll report the sale of land by your LLC on your personal tax return as if you own the land.
In TurboTax Online, you can enter the sale of land by following these steps:
- Open your tax return
- Click on Federal in the left-hand column, then on Wages & Income
- Locate the section Investments and Savings and click on the down arrow on the right
- Click Start next to Stocks, Cryptocurrency, Mutual Funds, Bonds, Other (1099-B)
- Answer Yes to the question: Did you sell any investments?
- Answer No to the question: Did you receive a form 1099-B or brokerage statement? Or Select Other
- Select Land (other investment purpose) from the list of investments.
- Follow the TurboTax interview to enter your information. If you incur sale expenses, you can subtract them from the proceeds.
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