My wife and i are a two member llc. Our llc purchased a rental property that is now owned by the llc free of debt. for estate purposes, we want to distribute the rental property to ourselves. in Turbo tax I booked the undepreciated value as a distribution to members but our k-1 show it as a loss. How do we report this on the llc tax return?
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That real estate should come out of the llc the same as its adjusted basis.....you use a carry over basis for this.
is the carryover basis the same as net book value? (cost less accum. depr.)
Yep....it's the same basis as in the hands of the llc......adjusted basis = cost less accum. depr.
thanks.
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