RobertB4444
Expert Alumni

Investors & landlords

Code ZZ is informational.  It is designed to give you information about your basis in the LLC.  It is not designed to give you deductions for the current year.

 

It is possible that the loss in code zz represents a passive loss that you are not entitled to this year and that will be carried forward until the year that you completely dissolve your interest in the LLC.  But you should communicate with the LLC itself to find out what these numbers represent and make certain that you are entering them correctly.  You may want to consult a tax professional for this year.

 

@terence 

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