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Ba36
March 31, 2021
Question

Capital Gain

  • March 31, 2021
  • 1 reply
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 Sold a property in an LLC how do I get the capital gain offset with a personal capital loss on the same return ?

    1 reply

    E
    ErnieS0
    March 31, 2021

    Your capital gain will be reported on a Schedule K-1 that you will plug into your personal return if your LLC files its own return as a partnership or S-Corporation. Those returns generate K-1s which show each members' share of income, deductions and credits.

     

    If you are a single member LLC, you will probably enter the sale under Sale of Business property in TurboTax.

    • Type sale of business property in Search in the upper right
    • Select Jump to sale of business property
    • Check the appropriate type of sale and continue
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