TerboTacksGH
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@Mike9241,I will ABSOLUTELY use the K-1 numbers on my return9c=$115, 10=$370.executor of the decedent's estate didn't question accuracy of the LLC's1065 + K-1s ...
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@Mike9241-- indeed, the K-1 Part II Box L shows Ending capital account = $0. And the $190 difference is on target. Everything you laid out above is correct. But...
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@Mike9241-- thanks for the info. The outside vs inside basis twists my brain into knots. To make sure that I understand what you're saying, I'll try your approa...
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@M-MTax-- are you implying that a timely 754 filing would have reset the depreciation for the partnership?
Activity Feed for TerboTacksGH
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- Posted Re: Unrecaptured depreciation in Final K-1 from inherited LLC share on Investors & landlords. July 12, 2023 9:37 AM
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- Posted Unrecaptured depreciation in Final K-1 from inherited LLC share on Investors & landlords. July 6, 2023 5:33 PM