Thanks. I think I've got this figured out but if someone could confirm that would be great. I still can't get anyone on the phone that knows this.
For the Sale Price, I'm using the 'Distributions' amount on my K-1 (Box 19). This figure represents liquidation of the LLC, including selling the rental property.
For the Selling Expense, I'm using the allowable deductible closing costs from the sale of the rental property as well as any other expenses involved with dissolving the LLC.
Partnership basis is my initial investment into the LLC, which was the rental property.
Ordinary Gain figure was taken from the 'Net section 1231 gain(loss)' line in my K-1. (Box 10)
1250 Gain field was populated with Box 9c, 'Unrecaptured section 1250 gain' from the K-1.
This seems to make sense to me but I would love for someone to verify it. Sure would be nice if TurboTax input made this clearer.
Thanks, Val.
