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M
MATT09
Level 2
September 10, 2020
Question

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"

  • September 10, 2020
  • 1 reply
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1 reply

sjrcpa
sjrcpa
Level 15
September 11, 2020

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?

The more I know the more I don’t know.
    M
    MATT09Author
    Level 2
    September 11, 2020

    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 .

      sjrcpa
      sjrcpa
      Level 15
      September 11, 2020

      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.

      The more I know the more I don’t know.
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