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Business & farm
Unless there was a major income event during the year that would define your basis at that point, you would normally calculate your ending basis at year end, then subtract the total distributions. The company that provided the K-1 may be able to help you with the timing of income during the year, which might be useful.
If you've owned this LLC for more than a year, you should have been keeping track of your "outside" basis each year. This isn't reported by the LLC so you need to use your own records.
For info on how to determine your basis at a point in time, see IRS Pub 541 Partnership Distributions and Partnership Adjusted Basis.
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‎April 4, 2022
12:24 PM