https://ttlc.intuit.com/community/business-taxes/discussion/llc/01/2215047#M73224 <P>Have an LLC that is owned by 3 other LLCs. We recently bought out the 3 LLC, and are making monthly payments to the exiting LLC. How do I report payments made? Do I need to issue the exiting LLC a 1099 MISC? or 1099 NEC to report this as an expense? or will this comprise cost basis of my LLC's share in the business?</P> Sun, 18 Apr 2021 15:51:28 GMT nannie61 2021-04-18T15:51:28Z https://ttlc.intuit.com/community/business-taxes/discussion/llc/01/2215047#M73224 <P>Have an LLC that is owned by 3 other LLCs. We recently bought out the 3 LLC, and are making monthly payments to the exiting LLC. How do I report payments made? Do I need to issue the exiting LLC a 1099 MISC? or 1099 NEC to report this as an expense? or will this comprise cost basis of my LLC's share in the business?</P> Sun, 18 Apr 2021 15:51:28 GMT https://ttlc.intuit.com/community/business-taxes/discussion/llc/01/2215047#M73224 nannie61 2021-04-18T15:51:28Z https://ttlc.intuit.com/community/business-taxes/discussion/re-llc/01/2215704#M73243 <P>Wait.&nbsp; What&nbsp;<a href="https://ttlc.intuit.com/community/user/viewprofilepage/user-id/743919">@ColeenD3</a>&nbsp;?</P> <P>&nbsp;</P> <P>Some additional context would be helpful:</P> <UL> <LI>Did this transaction occur in 2020 or 2021?</LI> <LI>Just confirm what type of return the upper tier LLC is filing.</LI> <LI>Does the upper tier LLC have depreciable assets?</LI> <LI>Not sure I understand the transaction.&nbsp; If the upper tier LLC had 3 members and all were bought out, who is the "we" that bought them out?&nbsp; Something is missing to complete this transaction.</LI> </UL> Sun, 18 Apr 2021 19:34:38 GMT https://ttlc.intuit.com/community/business-taxes/discussion/re-llc/01/2215704#M73243 Rick19744 2021-04-18T19:34:38Z