House built for Sale

I have an LLC that is in the business of renting houses. In 2022, the LLC bought 2 vacant lots. In 2023, the LLC was in the process of building a house for sale. The house actually sold in 2024. How & where do I record the 2023 costs? I am working on the 2023 partnership return.

posted

a question with no definitive answer. it could be capital gain or ordinary income. you'll have to judge for yourself or consult a tax pro (at times court findings differ from location to location)

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