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- How do I close out the balance sheet on a final partnership return
How do I close out the balance sheet on a final partnership return
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leeburke
Level 2
03-29-2021
08:59 AM
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I have 2 partners in a PA LLC, 1 partner is leaving and the other will be continuing as a single member LLC. So the building, land, depreciable assets and all equipment loans are staying with partner 1. I went into each asset entry worksheet and went to Dispositions and entered 6/30/20 and asset sales price as zero. This resulted in all these assets going onto form 4797. Am I proceeding correctly and what will be my next steps.
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1 Comment 1
IRonMaN
Level 15
03-29-2021
09:05 AM
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Leave the sales price blank - don't enter zero.
Slava Ukraini!
