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Tagged: inventory, schedule C, tax filing, taxes
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!
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.
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