Multi-Partner real estate LLC - Entering sale of rental property

[AshPat]

Greetings!

I'm a limited partner of a multi-partner llc that held one rental property. We sold the property last year however, the LLC is not yet dissolved. We intend to do it this year after paying the accounting fees and other bills from the bank account.

First question is whether I select option that says "This partnership ended in 2023" or do I do that while filing the returns for next year?

Also, I have following values on my schedule K1 I received from our accountant who prepared LLC returns.

Part III

Line 1 - Ordinary Business Income: ($350)

Line 2 - Net rental real estate income: ($17,058)

Line 9c - Unrecaptured section 1250 gain: $44,681

Line 10 - Net section 1231 gain: $109,955

Line 19: Distributions: A/$106,646

Part 1, Section L

Beginning capital account: $9,316

Current year net income: $92,547

Withdrawals and distributions: ($106,646)

Ending capital account: $4,783

If I select the "this partnership ended in 2023, turbotax prompts me to enter Sale Price, Selling Expense, Partnership Basis, Ordinary Gain and 1250 Gain.

Based on what I found on turbotax community discussions, I have entered the following values:

Sale Price: $106,646

Partnership Basis: $92,547 {section 1231 gains of $109,955 + Box 2 ($17,058) + Box 1 ($350)}

1250 Gain: $44,681

I have left the Selling Expense and Ordinary Gain blank.

Would someone be able to tell me if this is accurate? If not, any advise on what I need to do?

[DaveF1006]

If your K-1 is marked as a Final K-1, you would indicate it dissolved this year.  If not, your Final K-1 will be issued and reported next year once all the bills are paid and the partnership is free from all encumbrances. 

Your basis looks correct. If you contributed cash or property to become a partner, that should be included too as well as your share of the liabilities for the partnership.