I was made 50% owner of my husband's pre-existing parternship LLC this year. It wasn't an exchange or a sale because I didn't buy the shares but it was a strategic decision because of my relevant skill set and he was overworked.
We now both receive guaranteed payments.
When filling out our K-1s, do I still tick line J: "Check if decrease is due to sale or exchange of partnership interest" and are there any other items I need to keep in mind?
Thanks!
