PatriciaV
Expert Alumni

Business & farm

The sale of the property occurred within the LLC, so you wouldn't enter that again on your personal return. The information from Schedule K-1 should report the sale information, which will flow through your return to the correct forms.

 

Since this was the final K-1, you should report that the ended in 2024 and that you disposed of your interest as a liquidation. Enter zero for the sales price (since you didn't sell it) and your adjusted basis on the date of dissolution. TurboTax will calculate the gain or loss on this dissolution.

 

If you need help determining your adjusted basis, see IRS Worksheet for Adjusting the Basis of a Partner's Interest in the Partnership

 

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