Property Developer with LLC

[anu31402]

Hi,
I've got a new client who is a residential property developer. He registered a Disregarded LLC in 2006. Bought a land and built a residential home in 2006 and sold same.

Please, is it proper to report this transaction on Sch C or are there some other proper forms? What items do I have to look out for.

Thanks, for your advice.

[Luis Mopeo]

A single-owner LLC is treated as a disregarded entity if it has not filed the election to be taxed as a corporation. As far as the IRS is concerned, the LLC does not exist.

If this is one individual, Schedule C for business income.