Disposition of 1065 LP interest.

[Peter Amico]

Hi. I sold a partnership interest this year where I was a lp. I owned this interest in another llc. In turbotax business how do I report the disposal of the partnership interest? 

[tagteam]

Are you actually using TurboTax Business? If so, which type of return are you preparing?

[Peter Amico]

1065

[tagteam]

For one thing, you will need your final K-1 from the LP.

[Mike9241]

first you need the 2021 k-1. watch for supplemental info not on the K-1 like section 751 income which is not reflected as such on the k-1. that needs to be added.    then you need to compute the tax basis of the lp interest. the sale would then be entered on form 8949.  other info may have to be supplied to the members depending on the nature of the activities that the partnership  engaged in.