Does Turbo Tax have the ability to properly handle the entry of data from Schedule K-1 (Form1065) on a Partnership; and, the data reported on the 1099B regarding the sale and disposition of that same partnership, without doubling the net gain on that stock?.
What is the proper way to report and normalize the Schedule K-1 and 1099B entries for the same stock; without it doubling the reported capital gain?
Yes, you should enter the sale information only once. Your best option would be to enter the information only under the Schedule K-1 section. This allows TurboTax to use your historical basis and release any passive losses that may have been carried forward.
See the discussion below:
Yes, you should enter the sale information only once. Your best option would be to enter the information only under the Schedule K-1 section. This allows TurboTax to use your historical basis and release any passive losses that may have been carried forward.
See the discussion below: