We have a small LLC company buying and selling land.
We made a small profit in 2021 that was re-invested into more land
We now have our K1 and it shows my portion of that profit.
I did not remove any money (None of us did) from the company because of the re-investment.
if I pay taxes on the K1 figure but that value is reinvested, how do I allow for it in 2022 returns as I will be paying tax on tax already paid
I hope that makes sense
