Vacant land under multimember LLC, capitalized mor...
apradee
Returning Member
‎September 26, 2020 5:59 AM

Vacant land under multimember LLC, capitalized mortgage interest and property taxes

I own vacant land and vacant commercial lots for investment with partners under a multi-member LLC. In 2019, we had no income and there was not property sale. We incurred significant costs for mortgage interest and property taxes. Since there is no income to deduct these costs against, how do I handle them? Specifically, how do I report them using Turbo Tax Business 2019 (I have the CD)? I report personal taxes using Turbo Tax Premium.

This widget could not be displayed.
0
2 Replies
89 Views
Reply
mellish7777
Level 4
‎September 26, 2020 7:28 AM

Business & farm

Investment property? The interest is investment interest and the property taxes are deducted as property taxes. These can be capitalized if an election is made.
This widget could not be displayed.
0
1 Reply
80 Views
Reply
apradee
Returning Member
‎September 26, 2020 11:09 AM

Business & farm

Yes, it's an investment property. Can you please guide me with steps to take? What do I need to within Turbo Tax Business for the LLC? At this point, it'll be an amendment. When I filed back in March, I had incorrectly classified these as rental expenses. I need to know what I need to do in future years as well.

This widget could not be displayed.
0
73 Views
Reply
Privacy Settings