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lllr1111
Returning Member

K-1, Unrecaptured Section 1250 Gain

In going through Turbo Tax step-by-step, I'm entering my K-1.  It's asking me (as the corp dissolved this past year AND I show box 8c & 9 of my K-1),  "Did your K-1 list any of your Unrecaptured Section 1250 Gain as coming from"  with my option being "Disposition of an interest in a partnership".  Do I click "yes" or "no"?

I am 50% shareholder.  The corp dissolved and almost all monies were divided out to the shareholders. It's not a partnership; it's an S corporation.  Which do I choose?  (Does it matter?)  Thanks!

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3 Replies
PaulaM
Expert Alumni

K-1, Unrecaptured Section 1250 Gain

Select 'no' because your section 1250 gains did not come from any of the the listed sources. It comes from the disposition of your S-Corp.

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lllr111
New Member

K-1, Unrecaptured Section 1250 Gain

Thank you. Can you also tell me: "choose how I disposed of the corp" with my two options of "I disposed of it without selling it" or "none of the above". When I click on "....without selling it", those options don't seem to apply (gifted, transferred, sold).
Again, I am 50% shareholder. The corp dissolved and almost all monies were divided out to the shareholders. Which do I choose?
Thanks again..
PaulaM
Expert Alumni

K-1, Unrecaptured Section 1250 Gain

Select 'none of the above'.

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