Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
Returning Member
posted Feb 19, 2020 1:42:35 PM

Close LLC

I sold LLC Multimember Partnership Arizona , with real property, depreciable assets.  Looking for direction on recapture of depreciation, where is turbo tax Business do these entries get made.

0 1 407
1 Replies
Alumni
Feb 19, 2020 2:32:29 PM

You state LLC Partnership...assuming you mean the multi-member LLC is taxed as a partnership and that you disposed of your interest.

 

Here is a link to Pub 541.  Look under disposition of Partner's Interest.

 

https://www.irs.gov/publications/p541

 

You need to consider not only recapture of depreciation, but also other items of unrealized receivable or inventory items, or other items that may be classified as ordinary income.