skyworks
Level 7
03-18-2022
01:43 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
A couple owns two Condos through the LLC, during 2021 one Condo was sold whcih I already report 1250/1231 Gain no problem.
At year end they transferred the other Condo from LLC to their name, I am look where to enter the transfer so no gain or loss show?
Also they close the business (canceled the partnersh with the state 12/20/2021), how do I report
this fianl return?
Do I need wipe the balance sheet to zero?
And distribut the asset transferrred and capitals?
Labels
sjrcpa
Level 15
03-18-2022
02:48 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
The property transferred to them personally is a Property Distribution.
Their basis in that property is the basis in the hands of the partnership immediately before the distribution.
The more I know the more I don’t know.
skyworks
Level 7
03-18-2022
02:57 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
thanks, where do I report this transfer?
Form 4797 ? or Related party disposition?
