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dvinegrad
Level 3
March 7, 2024
Question

Sale of LLC assets

  • March 7, 2024
  • 2 replies
  • 12 views

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 

    This topic has been closed for replies.

    2 replies

    S
    strongsilence
    Level 10
    March 7, 2024

    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
      George4Tacks
      Level 15
      March 7, 2024

      You should probably also file form 8594. Both buyer and seller are required to include that form.

      https://accountants.intuit.com/support/en-us/help-article/fixed-assets/generate-bulk-sale-asset-acquisition-statement/L8Oc6KDxC_US_en_US?uid=ltheulwk

      Group the sale of assets and enter sale via the depreciation screen.

      https://accountants.intuit.com/support/en-us/help-article/form-8949/enter-bulk-sale-assets-lacerte/L9EQ9fOxn_US_en_US?uid=lthew3dg

       

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