Hello!
I've completed my Schedule K-1 (Form 1065) and the overview of income shows $0 next to my K-1. I'm assuming I've done something incorrectly. Any thoughts? This is for the art investing service Masterworks which sold a piece that I was a "parnter" in (purchased "shares").
Most steps were clear, but a few I coulldn't figure out are below. Not sure if this will make any difference.
Box 11, Code A Detail for $515 (none below made sense to me, so I currently have this left blank)
-Income for loss from REMIC
-Excess Inclusion from REMIC
-Section 212 Expense from REMIC
-Other Portoflio Income (Loss) to be Reported on Schedule E, Page 2
-I have another Description item
Box 13, Code w Detail for $17 (none below made sense, so I currently have this left blank)
Early Withdrawal Penalty
Investment Interest Expense
Miscellanous Itemized Deductions
Nonpassive deductions to be reproted on schedule 3, page 2
section 754 depreciation
taxes and state income tax witheld
i have another description
describe the Partnership:
Should I be listed as "all of y investmetn in this activity is at risk"? This was selected by default..
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For Box 11, indicate "Other Portfolio Income...". For Box 13, "I have another description" - Deductions—portfolio income. "All of my investment in this activity is at risk" is correct.
Thank you, @DavidD66,
What should I enter as the description for Box 11? (see below). Should this rectify the $0 income I see on the overview page?
For Box 11, when I choose "Other Portfolio Income..." I get a follow up prompt:
"Other Portfolio Income .." to be reported on Page 2 of Schedule E
Enter Description __(what should this be?)
Enter Amount___(assuming this should be the $515?)
What box is checked on your K-1 Part II line G?
Is box D checked?
Hi @Rick19744 / @DavidD66 ,
What box is checked on your K-1 Part II line G? Limited Partner or other LLC Member
Is box D checked? Yes (publicly traded partnership)
If helpful, here's my Token Number: 1097850
Based on your follow-up responses:
@Rick19744Thanks for this.
For Box 11, when I choose "Other Portfolio Income..." I get a follow up prompt:
"Other Portfolio Income .." to be reported on Page 2 of Schedule E
Enter Description __(what should this be?)
Enter Amount___(assuming this should be the $515?)
Confirming some of your bullets below, and several questions for you basis:
1) Is the "begining capital account" dollar value seen in section L of my K-1 the basis in the investment?
2)I have that documented with Turbotax, along with the next income and withdrawals/distributions. Are you suggesting I need to track somewhere additionally?
3) With the above and below in mind, Is it still
Responses to your follow-up:
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