Hello!
I recently sold a piece of vacant land that I had purchased a few years ago under my business's name (single member LC) as an investment. The sale resulted in a capital gain, and I would like to report it as such on my Schedule C. However, I'm having difficulty locating the appropriate section in TurboTax to input this information under business activities. As a result, I believe I may need to report the capital gains on Schedule D of my personal tax return (Form 1040), although that would not be correct since the property was not on my personal name. Please advise.
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Your single-member LLC is a disregarded entity for tax purposes.
You'll report the sale of land by your LLC on your personal tax return as if you own the land.
In TurboTax Online, you can enter the sale of land by following these steps:
Thank you!
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