pablomiller
Returning Member

Sale of Non-Income Generating Asset in a 4-member LLC

Our 4-member LLC in operation since 2014 owns an income generating farm, which is rental real estate, and also owned a cottage, which we sold in 2019.   It's unclear how we register the cottage as an asset, unrelated to the income generating farm, and therefore how we deal with the taxes due on any realized gain from the sale of the cottage.