how to treat LLC income?? I own an LLC 50/50. Through that LLC, we purchase, renovate, and resell residential homes. That is the primary function (sometimes there is some rent collected, but that's another story!). Given that the "product" the business sells is real estate, are the profits designated on the partnership return as capital gains and then reported to each of us as a capital gain on the K-1? Any help is greatly appreciated!!!! |