I am one of about 12 LLC partners and the only asset in the LLC was one parcel of vacant land/real estate. The LLC sold the land in 2021 and I received a final K-1 with about $140K long term capital gain (line 9a) in 2022. I inherited the share in the LLC from my father with a stepped basis of about $150K in 2008. If I enter the K-1 information directly into TT, I am taxed on the full amount of the $140K with no offset from the $150 basis. How do I enter this data correctly into TT. I have the Premier version.
