Question

LLC land sale

Forum|Forum|5 years ago
January 30, 2021
2 replies
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My brother, sister and I owned land that we inherited. We created an LLC in 2010 and just sold the farmland this year. How and where do I put the information in Turbotax to reflect the cost basis.....we had an appraisal that valued the land in 2010 as compared to the sale price and there was a gain of 133000 in value. How do I enter information so my capital gains is on only the 133000 gain rather than the whole 225000 sale price?

Critter-3

WE set up an LLC .. so have you been filing a form 1065 for each tax year since 2010? Who sold the property ? The LLC or you personally ? Did the closing company issue one 1099-S or 2 ? Whose name was on that/those form(s) ?

P

pishaloo

i and my husband purchased a land that we later on put

in an llc and then built a single family home on and sold it. How do i report all this on the 1065 tax return or K-1?

is it considered dispose of business property or capital asset and how do i report the contributed land?

leeloo

First, you will need the business program to access the Form 1065. You will total the cost of the land, building material and outside paid labor to determine the basis. The sales price is the amount you sold it for. You can also add certain closing costs paid to the basis.