Sheridan:
<“If you hold an interest in a partnership, S corporation, real estate mortgage investment conduit (REMIC), or a nonpublicly offered regulated investment company (mutual fund), you can deduct your share of that entity’s investment expenses. A partnership or S corporation will show your share of these expenses on your Schedule K-1.”>
The original poster’s comments are about HIS land, not about YOUR corporation’s land…if you knew the answer about YOUR land, why cloud HIS question???
<Second, if you solely listen to 1 other person’s advice in life, you’ll often miss opportunities. >
Very true…but I’m not sure I understand your intent/point…is there one?
< My piece of raw land happens to fall into your 3rd bullet point (insider information).>
First, I would contend that (accroding to your diatribe), this is not YOUR raw land but raw land belonging to a corporation to which you belong…
Second, again, what is your point? It was listed as a bullet…I put the word insider in quotes to delineate non-textbook usage of the word. I understand that that not all ‘insider-type’ information is “illegally-obtained insider information”…a lot of “insider” information is public record requiring digging – often through permit filings.
<Thanks for your words of caution, but this land, and the additional land that our LLC is getting ready to purchase, is in the fastest growing municipality in the country.>
GREAT! I wish you well, but I think you will find that this falls within bullet #1 or bullet #2…e.g., you can turn a profit relatively quickly or you can afford to sit on the investment until such time as it is profitable…