I own a 40% share in a limited liability partnership in New York State.
The company buys houses, fixes them up, and then sells them (hopefully for a profit).
We formed the company in 2016, but did not buy our first (and only) house until 2017.
We have put a good amount of money into the house in 2017 but we did not sell it yet.
We would like to carry over the expenses spent in 2017 to 2018 so we write down the price of the house when we finally sell.
How do you do this on a schedule K1? I have been trying to find an example but could not.
I am doing the form myself since we dont have much spare money.
Does anyone have an example of how this should look? I'm stuck!! Help!!!
Any help is appreciated
Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills
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