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K-1 with collectible capital gain

Hey community,

I have a K-1 from a Partnership that is reporting a capital gain (collectibles) from a sale. I've input everything and I'm not seeing the income flow onto my 1040 or onto Sch D. I have boxes 11 (A), 13 (W), 16 (there is a K-3), 19 (A) and 20 (A) checked. It SHOULD be super simple in that I invested X, it grew to Y, there are Z expenses and the net capital gain =Y-Z-X. My entire investment has been paid out in cash based on that formula. It is possible the expenses (Z) are not deductible but they are also a fairly small amount, in that case the capital gain should show as just Y-X. In any case, any ideas as to what I am inputting wrong because I see zero capital gain on my return from this K-1.

 

Thanks!!

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1 Best answer

Accepted Solutions

K-1 with collectible capital gain

@MarkBond TurboTax doesn't always know what to do with entries on 11A, but it doesn't really tell you that in the interview.  If you have access to 'Forms', you'll see an * that tells you that you'll sometimes need to re-enter the value on the appropriate form yourself.  In this case, its likely that you'll need to report the sale separately to get the income onto Sched D.

**Say "Thanks" by clicking the thumb icon in a post
**Note also, I'm not a Tax Preparer/CPA. Just a volunteer, seasoned, TurboTax user.
Use any advice accordingly!

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3 Replies

K-1 with collectible capital gain

what lines is the collectible gain reported on in the k-1? it should be on 9a and 9b (9b is a subcategory for 9a).  the gain will show on line 18 of schedule D - this flows from the 28% capital gain worksheet. line 9a/9b should be net of any expenses properly deductible as cost or sales expense.

 

 

 

K-1 with collectible capital gain

@MarkBond TurboTax doesn't always know what to do with entries on 11A, but it doesn't really tell you that in the interview.  If you have access to 'Forms', you'll see an * that tells you that you'll sometimes need to re-enter the value on the appropriate form yourself.  In this case, its likely that you'll need to report the sale separately to get the income onto Sched D.

**Say "Thanks" by clicking the thumb icon in a post
**Note also, I'm not a Tax Preparer/CPA. Just a volunteer, seasoned, TurboTax user.
Use any advice accordingly!

K-1 with collectible capital gain

Thanks - this worked for me! The entity held assets of a foreign corporation which is why (I think) the income was reported on line 11 not line 9.

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