We had a family cabin and were set up as a Limited Liability Partnership. The partnership only had the cabin, and we sold the cabin in 2021. The partnership never had any income so we never filed partnership taxes in the past. Now that the cabin has sold we need to file taxes so that we can show the distribution amounts to the members and issue K-1s. We bought Turbo Tax for business but need help. Do we need to add the cabin as a Business Property/asset disposals and take the depreciation that Turbo Tax figures or can we just fill out the ownership percentages and distributions? If we do need to add the cabin as business property do we allocate the distribution as a profit percentage or an ownership percentage? Where do we add the cost basis from when the cabin was gifted? Thanks in advance
