Based on your responses, I arrive at the following:
- While you should maintain a separate tax basis schedule, since the K-1 is marked tax basis we will use that to support your recognized gain or loss.
- Beginning of the year tax basis amount is $12,611 less current year loss equals $12,155
- The withdrawals and distributions amount of $12,156 is a plug to get the K-1 to zero, however, I am assuming that this amount also includes your current year distribution of $293 as reported in box 19 code A.
- Tax basis amount of $12,155 less current year distribution of $293 equals a tax basis of $11,862
- Cash received for the LLC interest $17,249 less your tax basis of $11,862 equals a gain of $5,387
- This gain is reported on the applicable form 8949 and Schedule D
*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.
