What is the name of your state (only U.S. law)?
Louisiana. I am one of three owners of an LLC in Louisiana. The money I have in that LLC is being used to purchase real estate. Will I be able to deduct some or all of that on my 213 return? How is that done?
When that property is sold, in 2014, will I be taxed on the total amount of the profit(proceeds) from that sale? Will that profit be taxed at the long-term capital gains rate(the property will be held for 1 year prior to the sale)?
Louisiana. I am one of three owners of an LLC in Louisiana. The money I have in that LLC is being used to purchase real estate. Will I be able to deduct some or all of that on my 213 return? How is that done?
When that property is sold, in 2014, will I be taxed on the total amount of the profit(proceeds) from that sale? Will that profit be taxed at the long-term capital gains rate(the property will be held for 1 year prior to the sale)?