Partnership real estate sale

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  • airplaneb777
    Junior Member
    • Mar 2008
    • 3
    #1

    Partnership real estate sale

    I have a multiple member LLC that files as a pratnership. They buy land to develop and resell, do I report the sale on 4797 or Schedule D of the 1065?
    Tags: None
    • JoshinNC
      Senior Member
      • Feb 2006
      • 1180
      #2
      If this is their primary activity

      I vote for neither. If they are in the business of buying and developing for resell land than the sale is reported as ordinary income on the 1065.

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