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amaresh-sripathi
New Member

I am using turbo tax business. LLC partnership. We sold 2 out of 6 office condos how to account partial sale of assets in turbo tax business

Turbo tax business not giving option to choose percentage of asset sale. It is accounting total sale of asset
2 Replies
Mike9241
Level 15

I am using turbo tax business. LLC partnership. We sold 2 out of 6 office condos how to account partial sale of assets in turbo tax business

please clarify since each condo probably should have been reported separately in the tax returns on form 8825 and thus each would have its own assets. if what you are asking is that there was just 1 closing statement that covered the sale of both condos there probably is some document official or otherwise showing the sales price for each.  if you've been reporting all 6 as one property and there was no split of the assets, you'll probably need the help of a pro. This appears to be a situation Turbotax was not designed to handle so if you don't use a pro you'll have to come up with a means of splitting the assets manually - 

tagteam
Level 15

I am using turbo tax business. LLC partnership. We sold 2 out of 6 office condos how to account partial sale of assets in turbo tax business

I concur with @Mike9241; either you need a tax professional or you need to split the asset manually.

 

TurboTax Business does not (directly) support this scenario.

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