topic I manage a multi-member LLC. We owned a property and rental house. We sold the house and some of the land this year. How do I report my portion of the sale on my 1040? in Investors & landlords

I manage a multi-member LLC. We owned a property and rental house. We sold the house and some of the land this year. How do I report my portion of the sale on my 1040?

pcrown — Mon, 03 Jun 2019 19:12:43 GMT

Besides the K-1, what forms do I need to report the sale on for my personal income tax. The LLC sold the property and I got a distribution for my share of the sale. We still own some of the land.

Since the LLC owned the property and the land, everything...

WillK — Mon, 03 Jun 2019 19:12:44 GMT

Since the LLC owned the property and the land, everything you need from the sale of that would be reported on your Schedule K-1 and that needs to be reported on your personal return.

Thank you so much for the very quick and useful answer....

pcrown — Mon, 03 Jun 2019 19:12:45 GMT

Thank you so much for the very quick and useful answer. So when Turbotax starts asking questions about the sale of an asset, I ignore them? Turbotax took me to an Asset sale form-- do I just delete/ignore that?

Yes, since you personally did not own that asset you do n...

WillK — Mon, 03 Jun 2019 19:12:46 GMT

Yes, since you personally did not own that asset you do not enter it in your personal return