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elizabeth-birdse
Level 2
February 14, 2020
Solved

How would you decrease a member's capital account on Schedule K-1 if they abandoned their LLC interest? Would this go under "other increases (decreases)"? If so, what would the statement attached include?

Would the additional statement just say, "Member abandoned interest"?

 

Thank you.

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sjrcpa
sjrcpaAnswer
Level 15
February 14, 2020

Other decrease and your explanation sounds fine.

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

sjrcpa
sjrcpaAnswer
Level 15
February 14, 2020

Other decrease and your explanation sounds fine.

The more I know the more I don’t know.
    elizabeth-birdseAuthor
    Level 2
    February 14, 2020

    Thanks so much! You answered both of my questions. Is there any way I can buy you a coffee? 😃

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