I have a small part time Real Estate investment LLC. I have sold most of my properties off . I still have 1 property that I bought in 2016 (cash and rehabbed) and am selling this property on a rent to buy contract. I bought and rehabbed this property in 2016 and itemized everything. As a result because I did not get the property sold in 2016 I have a large Inventory/cost of goods carry over to this year. I did get the property sold on a option to buy in April of 2017 and am receiving monthly payments for two years at which time they can either apply their option to buy of walk away. I do not have a clue how to deal with the Inventory/cost of goods I have carried over to this year. Appreciate any feedback in how to address this issue. I am using TurboTax home and business software.
