Question
where to report land sold with the building (hotel) for LLC ?
Hi,
I am reporting sales of the rental property - small hotel building for LLC
The sales price was lower than purchase price.
I allocated same price (of purchase price ) to the land, then the land sales reported on 4797 page one.
The building part is ok on page 2 of 4797 with recapture gain, etc.
Not sure if the land should also goes on page two of 4797?
ANyone can help? Thanks!!
