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mwmsf
New Member

I inherited an LLC this past year. Where would I input that info.?

 
2 Replies
Critter
Level 15

I inherited an LLC this past year. Where would I input that info.?

You are posting from TurboTax Live.  You can arrange for the Live help you are paying the extra fee for with your questions …

https://ttlc.intuit.com/questions/4124827-how-do-i-connect-with-a-tax-expert-in-turbotax-live

Carl
Level 15

I inherited an LLC this past year. Where would I input that info.?

It's apparent you have no knowledge about business and business taxes. I'm not saying this to be derogatory in any way, but to be helpful. Did you inherit a single member LLC? Multi-member LLC? LLC that has elected to be taxed as a corporation? All this matters. The last thing you need is to do something wrong that results in fine and penalties so high, the business goes bankrupt before you even get your feet wet in a business you may know nothing about (when it comes to operating that business on the tax front.)

I am encouraging you to seek professional help yesterday, if not sooner. Whatever you pay for that help can be claimed as a business expense too. I'm afraid that if you don't seek professional help, then when things go south on you, you may find the cost of having seeked help is a pittance when compared to the fines, penalties, late fees and back taxes that could be assessed. Also understand that the protection of your personal assets offered by an LLC is *EXTREMELY THIN* and easily pierced by even a rookie lawyer representing a client who is suing the business.

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