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Business & farm
the k-1 should have been marked final so check that box in Turbotax
next check the box partner sold or otherwise disposed of his entire interest (partnership ended in 2023)
then check complete disposition
then check liquidated partnership which is what happened when all the assets were distributed to the partners/members and the LLC dissolved.
dates acquired and sold (liquidated)
sales price 0 cost basis o ordinary gain 0
this assumes his tax basis after receiving the liquidating distribution was zero which is most likely the case.
I have no way of determining his tax basis.
all items of inome/loss should now flow to the proper schedule on the various tax forms.
March 3, 2024
9:39 AM