I own an LLC and build spec homes. I purchased a vacant lot last year to build a home on to sell for this business. I have not sold yet.
I understand that I can claim taxes paid on that lot on my Schedule C.
But can I, should I, or do I need to claim the lot purchase elsewhere?
If your LLC is a single member LLC, then yes record the property tax expense on your Schedule C. Otherwise, you can deduct it on the schedule A as an Itemized personal expense.