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How to report real estate for a LLC?
We are multi members LLC and we brought land to subdivide to sell later. How do we report this? I know we need to file a 1065. Is the purchase price my COGS? if so does that mean we have a huge losses until the property is sold? We all have full time job. This is just a side business. Not real estate professional. more like a dealer.
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March 11, 2021
9:40 PM
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Get your taxes done using TurboTax
the cost is inventory so you get no current deduction. as you sell you take a pro rata portion of the cost as a deduction (the ending inventory decreases)
March 11, 2021
11:56 PM