I have a client who sold interest in LLC taxed as a partnership in 2020 and received final k-1. This was a schedule K-1 (1065) . It was not a PTP. He was also an employee and its non-passive activity. There were no passive carryovers nor depreciation involved. Also, no hot assets sold - receivables or inventory.
- Does Lacerte have a special worksheet or area that would connect the 1065 k-1 (screen 20 - passthrough k-1) to dispositions (screen 17) for this type of situation ? I don't see anything. I ended up taking the total sales proceeds and subtracting his final year adjusted basis in screen 17 - disposition