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I searched PS support for this question and nothing appeared that addresses my question. Only questions related to 1099-R, 1099-A, all other nonrelated information. Very frustrating that a straight forward question gives a lot of unrelated questions.
Client is a 4 member LLC - two sets of spouses. One of the spouses passed away during the year. It has been a long time since I had to allocate profits and ownership interest for a situation like this and I don't remember how that is done in PS.
This is also the last year of the LLC - the rental property was sold.
If I enter zero as the ending profit, loss, own % for the deceased member, then no profit is allocated to him for the year.
I can't find out how to accomplish this in any instructions. How do I get this done?
Thank you.
Best Answer Click here
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I finally found the answer. No need to waste anybody's time with this. My apologies.
I thought there would be an entry for a partner's date of death so that the program would calculate the profit %. I didn't realize that we need to manually calculate the % and enter it in the special allocations ratio section.
That would be a nice feature.