As a member of a single member LLC me and my friend (not a member) had invested some money to buy a land in NY state in 2016. In 2017 LLC sold it with some capital gain. Now I have few questions to close the project:
1) How could I reduce 2017 income using 2016 expenses on buying the land and how correctly show the expences in 1040 and its schedules?
2) How could I make repayments from business account to me and my friend including interest?
3) What taxes should be paid?
Generally I am looking for NY CPA who could calculate taxes and prepare returns.
1) How could I reduce 2017 income using 2016 expenses on buying the land and how correctly show the expences in 1040 and its schedules?
2) How could I make repayments from business account to me and my friend including interest?
3) What taxes should be paid?
Generally I am looking for NY CPA who could calculate taxes and prepare returns.