I have setup a LLC taxed as partnership around 1.5 years ago. For last year 2023 tax returns, I did not file balance sheet since income is less than $250,000 and total assets less than $1,000,000
I just transferred some stock- shares and cash into brokerage account under this LLC.
How should this contribution be handled and reported for tax return 2024 ???
You'll need to sign in or create an account to connect with an expert.
Follow-up comments:
I'll page @Rick19744, but this is a contribution to capital.
Other than the capital accounts being adjusted, the balance sheet does also with debits to cash and other investments and then a corresponding credit to partner's capital accounts.
While the facts are limited:
Follow-up comments:
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
Terra
Level 3
colonel_biggs
Level 2
daydreamer
Level 1
jcon7887
Returning Member
snblah
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.