A few partners created an LLC to invest in a development of townhomes. In 2019, we sold them all and closed the LLC. I received my K-1 as a final. What should I choose for how I disposed of this partnership (no entry, complete disposition, disposition was not via a sale, or sold and am receiving payment)??
I'm guessing it is "disposition was not via a sale" but then turbotax asks for purchase and sale dates for my interest. I'm not sure what exact dates to put in here. Please advise.
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We are filing a final K-1 for 2019; however, we still had to close out the state business taxes, pay the CPA, etc. in 2020. I'm thinking since this is a final K-1, I will put 12/31/2019. The LLC officially closed with the state in march 2020.
Any recommendation?
You can deduct the final expenses of the business in the current year even if paid in the following year, as long as it is the last year of existence for the business.
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