Looking for some input here, I feel like I'm a bit lost.
Situation:
- a few years ago, myself and two friends pooled our $$ together to invest in a RE syndication. ie. a big investment firm was soliciting $100k minimum investments for a large 500door apartment complex. We created an LLC and pooled together our $$ to do the $100k minimum.
- Each year, we get a single K1 in our LLC's name.
- Each year, I've personally created our three K1's from our LLC to our individual names, just dividing everything appropriately.
- Last year, we were able to convince the managing investor to allow us to split up our LLC investments to our personal names, so we signed all the legal paperwork to shuffle the funds out of our LLC-named designation onto our personal names. I then wound up our LLC.
- Now this year, we are getting two K1's. One for the original LLC and one for our personal name.
So I guess my question is: do I need to create 3 K1's again from our LLC to our individual names, and then we each enter two K1's into our taxes? How to document this situation? Hopefully this is the last year I'll have to bother creating K1's.
