Hello All,
My business partner and i had an LLC for 9 months of 2019. In October he resigned and we transferred his membership interest into a loan to the business with regular monthly payments and terms. I made a down payment on this also. After the purchase date, the business is now a single member LLC.
I am using turbotax business to generate the final k-1 for the LLC through October. I then will use Turbotax premier to do my personal return and the business for the remainder of the year since the single member LLC is now a disregarded entity.
In Turbotax business I believe i have all of the "business info" questions answered correctly, but I'm just wondering where the information regarding the purchase amount for his membership interest would get entered as i am not seeing it anywhere in turbotax business.
Also curious how this information will get entered in turbotax premier if anyone has some guidance.
Thank you in advance!
