My wife and i are a two member llc. Our llc purchased a rental property that is now owned by the llc free of debt. for estate purposes, we want to distribute the rental property to ourselves. in Turbo tax I booked the undepreciated value as a distribution to members but our k-1 show it as a loss. How do we report this on the llc tax return?
That real estate should come out of the llc the same as its adjusted basis.....you use a carry over basis for this.
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