Tax Reporting For Sale Of Spec House
I need help determining the best way to report the sale of two spec houses in 2003. Here are the details: I know I am considered a dealer for these so it is ordinary income. The properties were held in an LLC so it will flow through a 1065. One of the houses was owned for less than a year, the other for just over a year.
Where do I report these sales? Is it on form 4797 as section 1231 (prob. not), section 1245, or section 1250 property? Do I need to break out the portion of the gain attributable to land vs. the building? Any help would be appreciated.
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