I manage a multi-member LLC. We owned a property and rental house. We sold the house and some of the land this year. How do I report my portion of the sale on my 1040?

[pcrown]

Besides the K-1, what forms do I need to report the sale on for my personal income tax.  The LLC sold the property and I got a distribution for my share of the sale.  We still own some of the land.

[WillK · Accepted solution]

Since the LLC owned the property and the land, everything you need from the sale of that would be reported on your Schedule K-1 and that needs to be reported on your personal return. 

[pcrown]

Thank you so much for the very quick and useful answer.  So when Turbotax starts asking questions about the sale of an asset, I ignore them?  Turbotax took me to an Asset sale form-- do I just delete/ignore that?

[WillK]

Yes, since you personally did not own that asset you do not enter it in your personal return