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Sale of LLC assets
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dvinegrad
Level 3
03-07-2024
01:22 AM
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Client sold some, but not all assets of his LLC business
where is best place to record the sales in partnership module?
do i list each asset sold as a separate sale?
do this produce a IRS form showing the sales of each asset?
Thanks
Dave
2 Comments 2
Strongsilence-C
Level 10
03-07-2024
07:00 AM
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the depreciation screen has a unit for dispositions.
You are allowed to group similar assets eg 1245 together. That is up to you.
F4797
George4Tacks
Level 15
03-07-2024
09:58 AM
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You should probably also file form 8594. Both buyer and seller are required to include that form.
Group the sale of assets and enter sale via the depreciation screen.
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