I think I posted this in the wrong forum so posting here.
HI. I transferred a few LLC interests to a revocable trust mid-year and I received 2 K-1s for the same investment, one in my individual name and the other in the name of the trust. I presume income and losses were apportioned between the 2 based upon length of ownership. I think I should add up the numbers in each line item and input them that way into TT. Is that correct? If I input the second K1 as a new one I think all my loss carryovers will get screwed up and it will be nightmare once the assets are sold.
If so, will it get flagged by the IRS? I'm concerned the IRS will be notified that I received 2 K-1s from the issuer but only 1 is reported on TT.
Any thoughts or suggestion are appreciated.
