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New Member
posted Jun 4, 2019 9:18:08 PM

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?

0 4 4989
4 Replies
Level 15
Jun 4, 2019 9:18:09 PM

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. 

New Member
Jun 4, 2019 9:18:11 PM

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

Level 15
Jun 4, 2019 9:18:12 PM
New Member
Mar 23, 2021 8:53:50 AM

Hello,

 

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

 

Thank you