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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 9
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.
Here's wishing you many Happy Returns
