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Updated almost 6 years ago,
Help with Tax form 1120S
Here is the scenario...
S-corp LLC was established in Feb 2018 for residential real estate investing/flip.
It started with cash deposits from both managing members to purchase a single family home in Feb 2018 for $80k. The property was updated and resold in June 2018 for $150k. Then another property was purchased in December 2018 for 90K using profits from the sale of the first property. No loan, all cash.
The expenses have been divided by categories (materials, utilities, paid contractors, insurance, other outside services, etc) and listed on the 1120S using TurboTax Business.
My question is, how do I determine the Total Assets for Item F of Form 1120S?
Thanks in advance & God Bless!