You'll need to sign in or create an account to connect with an expert.
@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.
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.
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 ?
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
ckvjfh
Returning Member
ianleonard
Level 2
Casey K
Returning Member
Patty5045
Level 1
jon_peara
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.