Without many facts, my best advice would be to treat this similar to owning a stock.
- I'm not clear on how you determine your tax basis (cost) if you never received a K-1.
- Did you receive a W-2 for any compensation?
- If "yes", was there ever a value placed on the units?
- Was this value included in your W-2?
- If you never received a K-1, it doesn't sound as if you were ever truly a member of the LLC
- If you have a value for your cost basis, then as noted above, just use this figure as you would any other equity and then your "distribution" would be your selling price.
- This information would go on form 8949 and Schedule D
*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.
