We have a multi person LLC and based on Turbo Tax recommendation purchased Turbo Tax Business. The LLC sold one parcel of land and bought another it in 2021
If that land was acquired by the LLC prior to 2021, I would expect it to be listed either as inventory or as a business asset. If listed as an asset, you'll report it's sale in the Business Assets section. If listed as inventory, then you report the gross income received from the sale sale in the Business Income section and indicate the inventory as sold in the Cost of Goods Sold (COGS) section of the program.
If the LLC is in the business of buying and selling real estate, then I would expect all real estate acquisitions to be reported as inventory. Whereas if the LLC is in the business of buying and renting out real estate for any period of time before selling it, I would expect it to be in the business assets section with rental income/expenses reported on form 8825.
