topic I have transferred capital out of a partnership into a new LLC. It asked if I dispersed or sold any of the capital for that k-1. How do I answer that question? in Business & farm https://ttlc.intuit.com/community/business-taxes/discussion/i-have-transferred-capital-out-of-a-partnership-into-a-new-llc-it-asked-if-i-dispersed-or-sold-any/01/600678#M23611 <P>There was no sale or closing of the partnership, I just transferred my % of capital into a new LLC which now holds it. &nbsp;I got a k-1 from both, the first stating the beginning capital and ending capital now zero. &nbsp;The second one (LLC) stating the beginning capital zero and the ending capital the beginning capital of the original one. &nbsp;</P> Thu, 06 Jun 2019 05:34:31 GMT sb21 2019-06-06T05:34:31Z I have transferred capital out of a partnership into a new LLC. It asked if I dispersed or sold any of the capital for that k-1. How do I answer that question? https://ttlc.intuit.com/community/business-taxes/discussion/i-have-transferred-capital-out-of-a-partnership-into-a-new-llc-it-asked-if-i-dispersed-or-sold-any/01/600678#M23611 <P>There was no sale or closing of the partnership, I just transferred my % of capital into a new LLC which now holds it. &nbsp;I got a k-1 from both, the first stating the beginning capital and ending capital now zero. &nbsp;The second one (LLC) stating the beginning capital zero and the ending capital the beginning capital of the original one. &nbsp;</P> Thu, 06 Jun 2019 05:34:31 GMT https://ttlc.intuit.com/community/business-taxes/discussion/i-have-transferred-capital-out-of-a-partnership-into-a-new-llc-it-asked-if-i-dispersed-or-sold-any/01/600678#M23611 sb21 2019-06-06T05:34:31Z If you transferred your capital out of one investment int... https://ttlc.intuit.com/community/business-taxes/discussion/if-you-transferred-your-capital-out-of-one-investment-int/01/600685#M23612 <P>If you transferred your capital out of one investment into another, you will report the first investment as "sold or disposed of" for <U>zero dollars</U>.</P><P>From the IRS' perspective, you received a <B>final distribution</B> from the first investment and used that "money" to buy your second investment. This may trigger a tax gain or loss, depending on your <B>basis in the first investment</B>. Be sure you complete the <B>Capital Account Information</B> (see screenshot below - click to enlarge) during the K-1 interview for both investments.<BR /></P> Thu, 06 Jun 2019 05:34:32 GMT https://ttlc.intuit.com/community/business-taxes/discussion/if-you-transferred-your-capital-out-of-one-investment-int/01/600685#M23612 PatriciaV 2019-06-06T05:34:32Z
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topic I have transferred capital out of a partnership into a new LLC. It asked if I dispersed or sold any of the capital for that k-1. How do I answer that question? in Business & farm
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<P>There was no sale or closing of the partnership, I just transferred my % of capital into a new LLC which now holds it. &nbsp;I got a k-1 from both, the first stating the beginning capital and ending capital now zero. &nbsp;The second one (LLC) stating the beginning capital zero and the ending capital the beginning capital of the original one. &nbsp;</P>
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I have transferred capital out of a partnership into a new LLC. It asked if I dispersed or sold any of the capital for that k-1. How do I answer that question?
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https://ttlc.intuit.com/community/business-taxes/discussion/i-have-transferred-capital-out-of-a-partnership-into-a-new-llc-it-asked-if-i-dispersed-or-sold-any/01/600678#M23611
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<P>There was no sale or closing of the partnership, I just transferred my % of capital into a new LLC which now holds it. &nbsp;I got a k-1 from both, the first stating the beginning capital and ending capital now zero. &nbsp;The second one (LLC) stating the beginning capital zero and the ending capital the beginning capital of the original one. &nbsp;</P>
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If you transferred your capital out of one investment int...
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https://ttlc.intuit.com/community/business-taxes/discussion/if-you-transferred-your-capital-out-of-one-investment-int/01/600685#M23612
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<P>If you transferred your capital out of one investment into another, you will report the first investment as "sold or disposed of" for <U>zero dollars</U>.</P><P>From the IRS' perspective, you received a <B>final distribution</B> from the first investment and used that "money" to buy your second investment. This may trigger a tax gain or loss, depending on your <B>basis in the first investment</B>. Be sure you complete the <B>Capital Account Information</B> (see screenshot below - click to enlarge) during the K-1 interview for both investments.<BR /></P>
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