Visitor I

Land Purchase to build on for LLC

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?

1 Comment
TurboTax Specialist

Land Purchase to build on for LLC

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.