- Yes, we were the only two partners.
- I guess I didn't actually create a new LLC, i just renamed it through the state of Texas. I am not the sole proprietor.
- "Have you been maintaining your basis in the LLC? This is important to understand."
- I don't understand what maintaining our basis in the LLC means.
- Your former partner most likely has ordinary income to report on the sale which would be related to the sale of depreciable property. Are either of you aware of this?
- I don't understand this either. I understand the LLC owned depreciable property and I paid him to take 100% ownership.
I appreciate your time and information. All of this is very new and very confusing for me. I thought it would be easy with TurboTax but I feel that i am in over my head.
