5 families purchased a multi-family home through an LLC. We sold the home last year and the sale proceeds was distributed among the 5 families based on their contribution %. Now I am trying to file the schedule K1 through TT (Desktop) for my taxes. For the section "Enter Sale Information", what do I enter for the following,
1. Sale Price
Is this the total price at which the home was sold or the sold price per family? For example, if the home was sold at 500K then do I need to enter 500K or 100K here?
2. Selling expense (Is this again, the total selling expense or cost basis for the home or the expense per family's share)
3. Partnership basis (Again total or per family's basis?)
4. I am assuming here "ordinary" and "1250" gain is per family's data.
Any help is appreciated.
