Hi Palms
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@PatriciaVwrote:According to the IRS Instructions for Schedule K-1 (Form 1041) Box 11, amounts reported on Form 1041 Schedule K-1 Box 11 Code B (non-miscellaneo...
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Up to you but I wouldn't change it.....just continue on with the sole propretorship on Schedule C as you have been reporting for the LLC, which is the same.
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Then you have the authority to treat gains as income, clearly.
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If it was transferred to the sole proprietorship, for the LLC, you must indicate it was withdrawn for personal purposes.You don't have to do that for federal in...
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Right and it really depends on how the state handles LLC taxation in terms of tax forms to be filed.
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