topic Yes. The interest should be shown as $0 in Business & farm

Should I receive a final K-1 from an LLC (taxed as S-Corp) after selling my membership interest?

Anonymous — Mon, 03 Jun 2019 20:13:29 GMT

I left a multi-member LLC (taxed as S-Corp) in 2017. I assigned and sold my membership interest to remaining members. Members purchased my interest using personal funds, not the LLC's.

Should I receive a final K-1 or any other tax forms?

Yes, you should receive a final K-1. It should show the s...

PaulaM — Mon, 03 Jun 2019 20:13:30 GMT

Yes, you should receive a final K-1. It should show the sale of interest in addition to income/loss while owned. The K-1 should be sent by 3/15.

Even if the members used personal funds to purchase my in...

Anonymous — Mon, 03 Jun 2019 20:13:32 GMT

Even if the members used personal funds to purchase my interest?

Yes. The interest should be shown as $0

PaulaM — Mon, 03 Jun 2019 20:13:33 GMT

Yes. The interest should be shown as $0

Should I expect to receive any other tax forms related to...

Anonymous — Mon, 03 Jun 2019 20:13:34 GMT

Should I expect to receive any other tax forms related to the buyout?

No. Report the sale when the K-1 is entered.

PaulaM — Mon, 03 Jun 2019 20:13:35 GMT

No. Report the sale when the K-1 is entered.