A friend of mine and I bought a house on a large inner-city acre, leveled it, and split into two equal lots for sale. Sold one in 2008 for 450K and the second in 2010 for 290K.

Can we do two sets of K-1's for this, one for lot1 and the 2nd for lot 2? There are two of us in the LLC.

We were active participants and both full time real estate at the time.

We had a gain on the 1st lot and a loss on the 2nd.

Thanks