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Filing Taxes — Need category for land on Schedule C2019-01-02T10:21:45+00:00

LandInvestors.com Forums **Ask A Question** Filing Taxes — Need category for land on Schedule C

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  • Neil H
    Participant
    Post count: 77

    Hello — I’m getting a jump start on 2018 taxes and will be filing a Schedule C for my land business (LLC).

    Question: How should I categorize vacant land on my Schedule C? Inventory? Miscellaneous?

    I purchased and sold two parcels in 2018. There is no inventory carrying over into 2019.

    Any insight or guidance is appreciated. Happy New Year!

    Rod Hall
    Participant
    Post count: 259

    Here is what I do. Beginning inventory zero, line 36 will be the total cost of the land you sold then ending inventory is zero.

    Neil H
    Participant
    Post count: 77

    Thanks, Rod.

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