We need additional details to provide any guidance:
- Need additional details on the members
- former members - active vs passive?
- also were you active or passive in the LLC activity?
- Did you borrow the funds to make the acquisition?
- When did the transaction occur?
- Have you filed a final LLC tax return (form 1065)?
- What assets does the LLC hold?
- Did you maintain a tax basis schedule of your interest in the former multi-member LLC?
- Were any of your losses suspended in past years?
- Can you clarify what "prior losses" you are referring to?
- There may be follow-up questions once you respond
*A reminder that posts in a forum such as this do not constitute tax advice.
Also keep in mind the date of replies, as tax law changes.
