Thanks. My Partner who is CPA just said that I should treat the final negative account as capital gain on ScheduleD.There was no liabilities at final K1.

LLC started in 2015. No property was contributed. Service industry. Tax basis with zero capital account to start. Capital account went negative in 2017 and 2020...

I am a member of LLC and this is final year of LLC. I have a negative capital account of $25K. How is this reported on Turbotax Home and Business on the K1 sect...