Should I receive a final K-1 from an LLC (taxed as S-Corp) after selling my membership interest?
I left a multi-member LLC (taxed as S-Corp) in 2017. I assigned and sold my membership interest to remaining members. Members purchased my interest using personal funds, not the LLC's.
Should I receive a final K-1 or any other tax forms?
051849
5 Replies
PaulaM
Employee Tax Expert
Jun 3, 2019 1:13:30 PM
Yes, you should receive a final K-1. It should show the sale of interest in addition to income/loss while owned. The K-1 should be sent by 3/15.
ufd
New Member
Jun 3, 2019 1:13:32 PM
Even if the members used personal funds to purchase my interest?
PaulaM
Employee Tax Expert
Jun 3, 2019 1:13:33 PM
Yes. The interest should be shown as $0
ufd
New Member
Jun 3, 2019 1:13:34 PM
Should I expect to receive any other tax forms related to the buyout?