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sgrande
Returning Member

LLC debt cancellation

My LLC had a debt to another party which was cancelled.  How do I reflect this in Turbo Tax?

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‎June 18, 2020 10:08 AM
last updated ‎June 18, 2020 10:08 AM
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3 Replies
tagteam
Level 15
Level 15

LLC debt cancellation

Just so it is clear: Did your LLC owe a debt that was cancelled? 

 

If so, you can enter the figure in Forms Mode. Open Form 1065 p4-5, scroll down to Schedule K and enter the figure on Line 11(G). Ensure that you select E - Cancellation of debt from the dropdown list.

‎June 18, 2020 10:26 AM
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sgrande
Returning Member

LLC debt cancellation

Yes. that is correct.  The LLC owed a debt that was canceled.

Thank you.

‎June 18, 2020 10:29 AM
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Critter
Level 15

LLC debt cancellation

Was this an unincorporated single member LLC ?  

‎June 18, 2020 10:42 AM
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