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AN LLC "A" IS A MEMBER OF 2 OTHER LLCs "B &C" WITH A LOSSES DURING THE YEAR. IS THERE A WAY TO LIMIT THE LOSSES BY BASIS IN EACH LLC BEFORE PASSTHRU TO THE INDIVIDUAL OWNER OF THE LLC "A"

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Level 1
 
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3 Replies 3
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Level 15

Please don't SHOUT.

Use some of the details space to give some more details on precisely what you're asking.

Are you preparing LLC A's 1065?


ex-AllStar
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Level 1

Sorry about that.  Yes I am preparing the return for A.  B & C have losses and C's loss brings A's basis in C below zero .

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Level 15

Lacerte is not very robust when it comes to pass throughs to pass throughs. You'll need to compute the allowed loss yourself and manually limit it in the return. Keep a side spreadsheet of your computation and carryover.


ex-AllStar