We have a multi-member LLC (Partnership). We just own a large house that is rented out. In 2024 the minority owner (20%) sold his share of the business to my S-Corp (the majority owner 0f 80%). I just realized we have to dissolve our LLC Partnership and issue a FINAL 1065. Then, we have to move the rental property to my S-Corp. I can google how to do this if the buyer was an individual. However, when the acquiring party is an S-Corpit's clear as mud. I am trying to file my LLC tax return (1065) by Sep 15. Also need to file my S-Corp tax return by Sep 15. I use Quickbooks for accounting and TurboTax Business (handles multi-level businesses). But, I'm in over my head. Stumped on rules that say I need to show in the LLC 1065 that all assets were sold (on Jun 30, 2024) However, when I do that in TurboTax Business, it deletes all my rental property data for the first half of 2024. I understand that I have to file a "short year" 1065 through Jun 30, 2024. HELP! You must be very knowledgeable with Turbotax Business and Accounting (Preferably Quickbooks). Just need to know what to enter into TurboTax and Quickbooks. I must move quickly
