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eduardo
Level 3
July 30, 2024
Question

How to report the sale of membership interest on Schedule K1-S

LLC Member sold membership unit interest (Form 1120-S). Where do I report the amount paid on the Former member's Schedule K1 S?

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9 replies

sjrcpa
sjrcpa
Level 15
July 30, 2024

Did he sell it back to the LLC/S Corp?

Or to someone else?

Can you do a footnote on a K-1 in ProSeries?

The selling member reports the sale on their 1040.

The more I know the more I don’t know.
    eduardoAuthor
    Level 3
    July 31, 2024

    Member 1 and Member 2 purchased the shares but used the LLC Funds.

    sjrcpa
    sjrcpa
    Level 15
    July 31, 2024

    They borrowed the money from the LLC?

    They took distributions from the LLC?

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