Rental Property sale as LLC Business - HUD or ALTA statement entries
- My 1099-S total sale is entered as a% of allocation to Bldg and Land sale proceeds so total price matches.
- Do I take all my expenses from HUD/ALTA statement which is debt to Seller divide by same ratio for land/bldg and enter in Select Disposed Asset - Disposal of Asset at same % allocation for Bldg and Land? So all my closing costs (no mortgage pay or interest)
- Also I had rehab cost to the bldg that I paid after sale that I add and enter at the same Disposal of Asset for Bldg only (So it will have Rehab cost + HUD expenses).
- Will IRS know it does not match HUD expenses (should add some statement)? Does IRS gets a HUD or only 1009-S sales proceed amount.
February 23, 2020
2:04 PM
