Tax, SDIRAs & Cost Segregation

User Stats

Venkatesh Nakkala
Votes |

Need help Final LLC tax return in Turbo tax, no asset disposals

Posted Feb 27 2023, 09:17

I have a friend who has been using an LLC to manage 2 properties for the past 10 year usign Turbo tax

So they have 2 partners, Each of them has a property titled under their individual names (partner 1 ownes  prop 1 and partner 2 owns prop 2)

But because they split the costs equally on both these properties, they created an LLC, LLC bank account and use LLC to create leases, pay expenses, collect rent etc. LLC issues K1s yearly to each of them. After 10 years, they decided to break up the LLC into 2 and take back their

properties. Using zillow, redfin etc, one partner paid the other 10K to settle current equity differences between the 2 properties and they dissolved the LLC. Now they want to start reporting the individual properties they own under their own personal 1 partner LLC (or schedule E)

When trying to do a final return in Turbo tax, it wont let me NOT enter an asset disposal. but no assets were sold. We just need to transfer all the accumulated depreciation etc for each property from the combined LLC to the new individual LLCs.

Does anyone have any ideas as to how we would close the final turbo taxes for the old LLC to call it a final return and then enter accumulated depreciation totals from old LLC to the new LLC in turbo tax

Thanks a lot in advance for any help


Loading replies...