Can someone please help with K-1 information and an LLC being dissolved. This was a rental house that was sold and the LLC only had 2 members. TurboTax is asking for:
- Sale Price. What number represents this on the K-1? Or is this the home closing price (net or gross?)?
- Selling Expense. Are these the closing costs of selling the house?
- Partnership Basis. Is this the 'Beginning Capital Account' on the K-1?
- Ordinary Gain. Is this Box 1 of the K-1?
- 1250 Gain: Is this Box 9c?
What about the figure I have in Box 10?
I'm hoping someone can help and address these specifically ... I'm on the phone now with the 'Live Tax Expert' and they have no idea :(
Thanks.
