A couple of questions:
- Do you materially participate in the LLC
- When you prepared your 2018 return, does it show that you have passive activity loss carryovers
- When you prepared your 2018 return, did you input the entire amount on the K-1 from box 2
- Also, on your K-1 section L, what box is checked; tax basis, GAAP, etc
- For 2019, what was your actual liquidating distribution
- For 2019, did you actually contribute any additional capital
I just want to understand the 2018 preparation and then will provide some guidance.
*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.
