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

  • Creator
    Topic
  • #19427

    Neil H
    Participant
    Post count: 118

    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!

Viewing 2 replies - 1 through 2 (of 2 total)
  • Author
    Replies
  • Rod Hall
    Participant
    Post count: 273

    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: 118

    Thanks, Rod.

Viewing 2 replies - 1 through 2 (of 2 total)

You must be logged in to reply to this topic.