There are a few questions in this current tax situation.
- My single member LLC owns 50% of a property that was taken back in Foreclosure.
- Meaning, my LLC did the foreclosure as the borrow stopped paying.
- This property is located in a different state than my LLC. The property was never rented and it was sold in 2024.
Since this property was not rented this should be entered into the Business Asset Section which would also flow to the sale of a business asset. Turbo Tax recommends to not enter this property in the rental section since it was not rented.
Questions
There is no section to say that my LLC only owns 50%. Is it correct to enter all values (cost basis, total exp/costs, and sale price) at 50% of the total value?
The category options doesn't seem to 100% match a foreclosure, I selected Qualified Improvement since it was the closest match. Are the other options that can be generated?
The property was sold at a loss. Will this still require to file taxes in the state the property was sold as a loss?
As a single member LLC, would the LLC file business set of taxes out of State even it will flow to the individual?
Thank You for the help everyone.
