How to report real estate for a LLC?

[pam24u]

We are multi members LLC and we brought land to subdivide to sell later.  How do we report this?  I know we need to file a 1065.  Is the purchase price my COGS? if so does that mean we have a huge losses until the property is sold?  We all have full time job.  This is just a side business.  Not real estate professional.  more like a dealer.

[ee-ea]

d tis info from the IRS  https://www.irs.gov/businesses/small-businesses-self-employed/llc-filing-as-a-corporation-or-partner...

[Mike9241]

the cost is inventory so you get no current deduction. as you sell you take a pro rata portion of the cost as a deduction (the ending inventory decreases)