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sungukchoi
Level 2

I bought and sold blackstone (publicly traded partnership) shares. How do i answer the question on unrecaptured section 1250 gain?

Hi, I bought and sold blackstone (publicly traded partnership) shares in 2019. Turbotax is asking if unrecaptured section 1250 gain are coming from 1) estates, trusts, REITs or mutual funds 2) disposition of an interest in a partnership. I am assuming option 2) applies to me as i sold publicly traded partnership shares. is it correct? thanks in advance!
4 Replies
MaryK1101
Employee Tax Expert

I bought and sold blackstone (publicly traded partnership) shares. How do i answer the question on unrecaptured section 1250 gain?

No,  section 1250 is depreciated real property as ordinary income if the accumulated depreciation exceeds the depreciation calculated with the straight-line method.  

Your sale of the Blackstone share are capital loss or gain.

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sungukchoi
Level 2

I bought and sold blackstone (publicly traded partnership) shares. How do i answer the question on unrecaptured section 1250 gain?

Thanks. I didn't give you more details on the situation. Because blackstone is LP, i received schedule K-1 (form 1065) from them. The form shows positive dollar amount of unrecaptured section 1250 gain (part 3, item 9b). Since the gain is from disposition of the publicly traded partnership shares, i wonder that is considered as "disposition of an interest in a partnership"

sungukchoi
Level 2

I bought and sold blackstone (publicly traded partnership) shares. How do i answer the question on unrecaptured section 1250 gain?

Thanks. I didn't give you more details on the situation. Because blackstone is LP, i received schedule K-1 (form 1065) from them. The form shows positive dollar amount of unrecaptured section 1250 gain (part 3, item 9b). Since the gain is from disposition of the publicly traded partnership shares, i wonder that is considered as "disposition of an interest in a partnership"

MaryK1101
Employee Tax Expert

I bought and sold blackstone (publicly traded partnership) shares. How do i answer the question on unrecaptured section 1250 gain?

No, the 1250 is specific to the assets disposed of by the partnership and would have been reflected internally in the annual income- the information would apply and be used if you had other 1250 property disposed of outside of the partnership on your personal return. But once, again, it does not affect or apply to the sale of the partnership interest.

@sungukchoi

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