Thank you for the answer. Do I report as an Investment Sale or Sale of a business asset? I am assuming it would be an investment Sale right? Also, We purchased the lot in 2010 and it was put into the LLC in 2016 do I add to the basis all the money that we spent on it to prepare for construction (plans, permits, grading etc...) from 2010 to 2016, or report that separately? The land was purchased under me and my husband's names and later transferred into the LLC with both of us as partners. Thank you again
