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Babak
Level 5
April 1, 2024
Question

Entering sale of Schedule C asset

  • April 1, 2024
  • 1 reply
  • 9 views

My client registered a single member LLC and bought a property under its name. A little more than a year and after incurring some expenses, sold that property. I'm trying to report the sale and capital gain. How do I report the sale of an asset under schedule C? 

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1 reply

dkh
dkh
Level 15
April 1, 2024

Is Schedule C the correct place for this property ?  

What was the purpose for purchasing the property ?     

Building for business location ?       Buy, Fix, Flip ?        Rental?   

 

 

 

    B
    BabakAuthor
    Level 5
    April 1, 2024

    The only purpose of this single member LLC was to buy this property, demolish and build a new property and sell it. The old property was demolished but nothing was built and it was finally sold. It is under the name of the company not the taxpayer. That's why I think it should be reported under the schedule C for that company.

    sjrcpa
    sjrcpa
    Level 15
    April 1, 2024

    If the property wasn't owned by the SMLLC disregarded for tax purposes, where would you report the sale?

    The more I know the more I don’t know.
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