Have a K-1 reporting LLC income and sale in 2016. TTax first asks about sale and correctly figures gain. It then asks for K-1 data and reports gain again-2X gain. Fix?

[mend121]

When I say TTax reports gain twice, I mean it first generates Form 8949 with gain from the sale properly figured.  My K-1 has this gain in box 10. When I then enter K-1 data (including box 10) and look at Schedule D it has the gain on line 10 from the 8949,  but reports in again on line 11.  Boxes 10 and 11 are added for twice the actual gain.

[Rick19744 · Accepted solution]

A couple of comments / questions:

1. You indicate that this is the final year for the LLC.  As such, the first gain you are referring to in your facts relates to the gain or loss that YOU individually have with respect to this investment.  This is determined by reviewing your basis in your investment, subtract any liquidating distribution and determine whether you have a gain or loss.
2. Any amounts reflected on the Schedule K-1 are completely unrelated; or should be.  Gains or losses reported on line / box 10 should only be from the entity level transactions.  
3. If you are saying that the amount reflected on box 10 is your gain from the sale of your investment, then your K-1 is not completed correctly.