I received a distribution of my equity interest in an LLC. I did not receive a K1 or a 1099 form for this distribution. Where do i record the LT capital gain?

[karule]

Is this a dividend distribution or is it treated as a partnership distribution?  I am unclear where to record it in turbotax

[Anonymous_]

Have you computed your basis? Does the distribution exceed your basis?

@Rick19744 

[Rick19744]

We need more information in order to provide some guidance:

• How long have you had your LLC interest?
• Have you received any K-1's in the past?
• As @Anonymous_ requested, have you maintained your tax basis in this LLC interest?
• Would you expect to receive a K-1 this year?
  • The LLC return is not due until 3/15 and even then can get an extension
• Did the LLC terminate or liquidate?

[karule]

The distribution definitely exceeds the basis so there is a capital gain event.  I am just not clear if this goes in the partnership section of income or if it is part of a dividend distribution or something else - i did not receive a 1099 or a K1 from the employer so it is unclear to me.  I appreciate any thoughts or guidance folks have on this question.

[karule]

These were restricted units in the LLC that vested over a period of 21 months (similar to restricted stock in a public company) and paid out upon my leaving the LLC for another employer.  I have never received a K1 in the past.  The LLC is still active and operating.

[Rick19744]

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

[Abbybeth]

yes It was from a sale of only asset of a trust. THe proceeds are my portion

[MarilynG1]

You can enter the sale of a capital asset without a K-1 or 1099-B.

Go to Income > Investment Income and answer 'Yes' to 'sold capital asset.'

Click this link for more info and screenshot.

@Abbybeth