Form 1065K-1. Sold all interest in LLC in 2018. Po...
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Returning Member

Form 1065K-1. Sold all interest in LLC in 2018. Portion of proceeds rcvd in 2018. remainder held in escrow and distributed in 2019.

Im confused on how to enter all this in TT.  I have a 1099B for the amt recvd in 2018. I expect I will receive a 1099B for the escrowed amount in 2019 (already has been distributed ) .  Ive entered the 1099B with 2018 proceeds. How do answer the K-1 questions to report the selling of entire interest in the LLC.  After I chose the option for Disposed on entire partnership, the ? are "Complete Dispostion" or "Disposed and receiving payments".  Can i chose the 1st option even if portion was distributed in 2019?  This is not a PTP. Was a passive partnership. The k-1 form has no values on it except  in the footnote section stating the net cash proceeds received in 2018, net cash proceeds received in 2019.  Section J has VARIOUS% in all the beginning/ending% columns but TT says this info is not mandatory.  Thanks for your help

2 Replies
Level 5

Form 1065K-1. Sold all interest in LLC in 2018. Portion of proceeds rcvd in 2018. remainder held in escrow and distributed in 2019.

get in touch with the partner who handles taxes for the partnership.....something's wrong if they were doing business in 2018.

Returning Member

Form 1065K-1. Sold all interest in LLC in 2018. Portion of proceeds rcvd in 2018. remainder held in escrow and distributed in 2019.

I dont' understand the response about the company being in business in 2018.

They were in business in 2018. We sold our shares in the company in 2018 and rcvd the proceeds.  I believe the reason there was some held in escrow in 2019 had to do with the sale of the company, so they were figuring out the details.  I don't know if that matters. just trying to figure out how to enter the info.

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