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K1 - begining capital account
Hello, I have been doing taxes for a small farm inherited from my parent for couple a years now. There are 7 owners. We made it a LLC in 2017. This year when doing the taxes in Turbo Tax Business I noticed a section that I have not done before. It is the K1 Sec L area referring to Beginning Capital Balance where it is looking for an amount. There is no amount in the previous year K1. I have a checking account with funds to support the farm that was funded from my parents estate. I am guessing that I did not enter this amount in previous years. I am not sure what to do. Looking for some help. It is a farm where we rent the land to a local farmer.
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‎January 20, 2021
11:14 AM