https://ttlc.intuit.com/community/taxes/discussion/1065-questions-deceased-partner-and-property-contributions-with-heirs-new-members/01/3478759#M1287211 <P>My mother had cropland and a home in an LLC, which transfered to me and my sister on her passing 50/50.&nbsp; She died in March.&nbsp; I am doing the 1065.&nbsp; My questions are</P><P>1. Do I put her in as a member/disregarded entity that left the LLC during the year.</P><P>2. Do I list the value of the cash in the business account and the values of the land/house as contributions made this year by my sister and I?</P><P>3.&nbsp; As this is the first 1065 done with this LLC (as she was the only owner in years past) do I make the date for the return for the whole year or from the time it went from a sole owner to a multiowner partnership?</P><P>4. Due to the value of the land I have to do a balance sheet.&nbsp; Since this is the first 1065 do I just leave the starting year column blank?</P><P>&nbsp;</P><P>We will be selling the house so I need to make sure I get the cost basis correct so we don't run into tax issue.&nbsp; I am aware of the step up valuation so I did get an appraisal done.</P> Wed, 12 Feb 2025 20:09:15 GMT kdmaul 2025-02-12T20:09:15Z https://ttlc.intuit.com/community/taxes/discussion/1065-questions-deceased-partner-and-property-contributions-with-heirs-new-members/01/3478759#M1287211 <P>My mother had cropland and a home in an LLC, which transfered to me and my sister on her passing 50/50.&nbsp; She died in March.&nbsp; I am doing the 1065.&nbsp; My questions are</P><P>1. Do I put her in as a member/disregarded entity that left the LLC during the year.</P><P>2. Do I list the value of the cash in the business account and the values of the land/house as contributions made this year by my sister and I?</P><P>3.&nbsp; As this is the first 1065 done with this LLC (as she was the only owner in years past) do I make the date for the return for the whole year or from the time it went from a sole owner to a multiowner partnership?</P><P>4. Due to the value of the land I have to do a balance sheet.&nbsp; Since this is the first 1065 do I just leave the starting year column blank?</P><P>&nbsp;</P><P>We will be selling the house so I need to make sure I get the cost basis correct so we don't run into tax issue.&nbsp; I am aware of the step up valuation so I did get an appraisal done.</P> Wed, 12 Feb 2025 20:09:15 GMT https://ttlc.intuit.com/community/taxes/discussion/1065-questions-deceased-partner-and-property-contributions-with-heirs-new-members/01/3478759#M1287211 kdmaul 2025-02-12T20:09:15Z https://ttlc.intuit.com/community/taxes/discussion/re-1065-questions-deceased-partner-and-property-contributions-with-heirs-new-members/01/3496204#M1294027 <P>My condolences on your mother's passing.</P> <P>&nbsp;</P> <P>You would not include her as a disregarded member of the partnership since the partnership was not created until after she passed and no longer owned the LLC. The partnership is a new entity with you and your sister.</P> <P>&nbsp;</P> <P>Any business related income earned or expenses incurred before her death would be included on her final 1040. Everything after that would be included on the 1065.&nbsp;</P> <P>&nbsp;</P> <P>The first return would be a short year from March to December 31, 2024.</P> <P>&nbsp;</P> <P>You would leave the starting balances on the balance sheet blank and show the cash, land, building, etc as contributions.</P> Wed, 19 Feb 2025 13:30:58 GMT https://ttlc.intuit.com/community/taxes/discussion/re-1065-questions-deceased-partner-and-property-contributions-with-heirs-new-members/01/3496204#M1294027 KeshaH 2025-02-19T13:30:58Z