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ATX Tax Guy
Returning Member

K1 box 10 entry

My K1 says in box 10 says "Net section 1231 gain (loss)" and has a positive number.

TurboTax says "Box 10 - Net Section 1231 Gain"

 

Do I enter the positive the amount from K1 as a negative or positive number?

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2 Replies
PatriciaV
Employee Tax Expert

K1 box 10 entry

Yes, enter the number in box 10 as it appears on your K-1. A gain is typically reported as a positive number. The box description often covers both options, gain and loss.

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ATX Tax Guy
Returning Member

K1 box 10 entry

I have a W-2 from my full-time job and a number of K-1s from various investments. What surprised me is that this was a large positive number in box 10 and when I entered it my tax liability was significantly reduced. I don’t understand how a cap gain can reduce my tax for income.

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