Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
ravigadu
New Member

How do I enter a K-1 (form 1065) and 1099-B for the sale of a limited partnership (individual) so that the capital gains aren't listed twice in Turbotax?

 
4 Replies
MichaelL1
Level 15

How do I enter a K-1 (form 1065) and 1099-B for the sale of a limited partnership (individual) so that the capital gains aren't listed twice in Turbotax?

The sale needs to be reported only once.  This is very common with these interests in the partnerships (K-1 and 1099B).

I personally like to report it only in the K-1 section as my basis information is also there. 

IRS is aware of the multiple reporting of these sales and will look for it in the matching program to prevent you from getting a letter from them. 

jmskolnick
New Member

How do I enter a K-1 (form 1065) and 1099-B for the sale of a limited partnership (individual) so that the capital gains aren't listed twice in Turbotax?

Can you provide an updated answer for this as apparently TurboTax has changed how this is done.  I have received 1099B for this sale.
MichaelL1
Level 15

How do I enter a K-1 (form 1065) and 1099-B for the sale of a limited partnership (individual) so that the capital gains aren't listed twice in Turbotax?

It is still the same way.  You can enter the 1099B in the Investments section or report the sale in the K-1 section (which I prefer as the basis is already listed there).  <a rel="nofollow" target="_blank" href="https://www.google.com/search?q=How+do+I+enter+a+K-1+(form+1065)+and+1099-B+for+the+sale+of+a+limite...>
hwiwonsh
New Member

How do I enter a K-1 (form 1065) and 1099-B for the sale of a limited partnership (individual) so that the capital gains aren't listed twice in Turbotax?

Hello,

 

I finished 2020 tax return with 1099B. And I just received a K-1. do I need to adjust?

 

Thank you

Dynamic AdsDynamic Ads
Privacy Settings
v