topic Re: basis for LLC that closed in Get your taxes done using TurboTax

basis for LLC that closed

sanjoaquinbookkeeper — Tue, 24 Feb 2026 07:18:40 GMT

Question about basis - LLC - both partners contributed $10k each, k-1 income/loss received over the years is ($663) loss, decided to close and liquidate remaining cash of $10,495 to each partner. Received final k1

What is my basis for my 1040? Please help

Re: basis for LLC that closed

Mike9241 — Mon, 25 Sep 2023 18:42:31 GMT

good question because 1+1 should make 2 but that's not your case

each partner $10K in

each partner's loss $663 from inception.

thus each partner's tax basis should be $9337 ($10000-$663)

but you say there's $10495 cash available for each partner.

so there is a missing piece of $1158 per partner.

Re: basis for LLC that closed

sanjoaquinbookkeeper — Mon, 25 Sep 2023 20:03:06 GMT

thanks! let me double check the cumulative sum of k1s.