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Business & farm
I can understand what you are saying, but please bear with me if I give some simple numbers as I can probably understand better.
I have bare land, inherited basis a three years ago = $50000.
Incorporated into LLC, so K-1s are needed yearly.
Expenses every year of property taxes and $100 HOA fees. The property taxes feed thru K-1 into my tax return...I have a spread sheet of HOA expenses each year, plus they go on K-1 as non- deductible expenses.
So, if I sell this land, what is my 'basis' or 'cost' to put on the sale paper?
I am confused with what I should have been putting into the K-1 on the lower left corner Part L as the partner's capital account analysis. I appreciate your help! it seems like it should be simple and I want to bring everything up to date on a spread sheet before I sell.