Responses to your follow-up questions:
- Sales Price - appears to be fine
- Selling Expenses - you shouldn't have any of these. All these costs should have been captured at the LLC level in determining the gain on the sale of the property.
- LLC Basis - this begins with your initial capital contribution to the LLC. This amount is then adjusted annually by the applicable lines on the K-1 issued to you. It is then adjusted for the applicable final K-1 lines EXCEPT for distributions in this case. For your final K-1, the distributions will be used as your sales price as noted above. In all other years, distributions would decrease your tax basis.
- All other K-1 line items should be entered as they are normally.
*A reminder that posts in a forum such as this do not constitute tax advice.
Also keep in mind the date of replies, as tax law changes.
