My business is real estate development, Turbo Tax is trying to make it rental real estate

[Anonymous_]

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@Carl wrote:

You'll report the sale in the Investments section, in Stocks, Bonds, Mutual Funds, Other

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See the screenshot below. @AW175 is using TurboTax Business (not Home & Business) to prepare a 1065.

[AW175]

@ColeenD3It buys raw land as an investment, holds them until they appreciate in value and then sells them. There was not a building on the land that was sold.

[Anonymous_]

There are parameters as to whether the company would be considered a "dealer in real estate" or a "real estate investor".

You can do an internet search using those terms and you will get a huge number of hits. 

A few include the length of time the real estate is held, the number of transactions in any given period (or tax year), how the real estate is used (of if it is not used at all), the original intent when purchased, whether improvements are made, the amount of effort involved in selling the properties, etc. 

[Critter-3]

Back to basics ... the LLC ... is it a single member LLC ?   A partnership or corporation?  

"IT" buys and holds the property for later resale ... is the "it" the LLC ?