So my situation is, we were a 5 partner LLC that owned a property. We sold the property in 2022 for a gain and dissolved the LLC. The LLC filed the partnership Form 1065 that includes gross sales price, cost basis, depreciation, adjusted basis, total gain. The same form has Schedule K1 for each partner with information present in Section J (Partner's share of profit, loss, and capital), Section L (Partner's Capital Account Analysis), Part III (Net rental real estate income, Unrecaptured section 1250 gain, Net section 1231 gain & Distributions. After filing the tax form, the LLC gave each partner the respective schedule K1 including our basis and sale gain after tax.
Now when I try to file my individual tax Schedule K1 using TT what do I fill in for the following,
1. Enter Sale information.
Do I need to enter sale details (Sale Price, Selling Expense, Partnership Basis, Ordinary Gain, 1250 Gain) for my share? If I enter this information, my taxes go up and if I do not enter they go down (of course in both cases I enter Sec 1250 gain). The reason why I ask is because the LLC filed taxes and I assumed they would have paid taxes on any property sale gains (which this property had) before giving us the Schedule K1.
2. I entered my Schedule K1 details as per the form I received. But correct me if am not supposed to enter.
Thanks.
