Sale of LLC Share Background...I inherited a piece of property that was jointly owned by my father and 4 other gentlemen. In 1997, we chose to establish an LLC and gave up our personal deeds to the property to the LLC in exchange for a share of the LLC. We built a residence on the property and made several capital improvements to the property. I recently left the LLC and took a buyout of my share and was issued a 1099 Misc. 1) What values etc, might I use to calculate a carrying cost? 2) Could I buy a more expensive piece of property and consider it a wash? If so, how long do I have to accomplish the purchase. |