Hello,
I apologize if you have already seen what I am cut-and-pasting below, but I wanted to make sure it was something you could see, as I noticed the string in which you answered my question was marked as "solved." I really appreciate your help!
I am finally back in TurboTax trying to finish up my 2019 tax return, and I have a few follow up questions for you. In your response to my previous question you wrote:
"This will be reported on your 2019 tax return; form 8949 and Sch D. The sales price will be zero and your cost basis will equal the $$ you personally paid (updated tax basis figure). This will be deemed long-term assuming that you held your LLC interest for over a year."
So here are my questions:
1. How exactly do I handle this in TurboTax? I assume I have to fill out form 8949 first, is this correct? If so, how do I get this form to come up in TurboTax Home/Business?
2. What should I use as the description in the long-term section? Something like "Outstanding Philadelphia BIRT/NPT taxes from XXX LLC"?
3. Once I complete form 8949, will I automatically be taken to Schedule D?
4. Finally, does it matter at all that I am not including a K-1 from the LLC since the final return for the LLC was filed last year?
I am sorry to bother you with all these questions, but in the 12 years I've used TurboTax I've never come across a situation like this so I want to make sure I don't screw anything up.
