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Level 1
posted Feb 17, 2024 6:48:01 PM

adjusting basis for inherited shares in multi member LLC

I am the managing partner in a multi member LLC with rental property. My mother was a partner. She died in Jan 2023, leaving her share to me and my sister. there is one other member.  We had the business appraised and we have agreed on ownership percentages. I just don't know how to go about changing the capital account and cost basis.

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1 Replies
Expert Alumni
Feb 18, 2024 12:21:29 PM

Reporting the change of ownership for a multi-member LLC is a complex and tedious process. You may consider using TurboTax Live Full Service Business to allow an experienced tax professional handle your return this year.

 

If you live in in CA, TX, FL, WA, NV, WY, SD, and AK, you may be able to use TurboTax Live Assisted Business instead. This online service provides step-by-step guidance from a tax expert whenever you need assistance, either over the phone or by screensharing.