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j_miller7
New Member

Where do you type in the IRC Section 751 disclosure?

 
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5 Replies
DaveF1006
Expert Alumni

Where do you type in the IRC Section 751 disclosure?

it depends. To clarify, what type of a tax return are you working on.

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j_miller7
New Member

Where do you type in the IRC Section 751 disclosure?

Individual 1040.

j_miller7
New Member

Where do you type in the IRC Section 751 disclosure?

Individual 1040. @DaveF1006 

DaveF1006
Expert Alumni

Where do you type in the IRC Section 751 disclosure?

Yes. Thank you for replying to me. To research the IRC Section 751 reporting requirements, Ii researched the following document from the Tax Advisor. " It states Regs. Sec. 1.751-1(a)(3) also requires a disclosure statement to be included with the partnership's and with each partner's tax return in the year of sale. In the footnotes to the Schedule K-1, the PTP will disclose the existence of Sec. 751 income to the partner and a recommended disclosure statement for the partner to use. Most tax preparation software does not have a standard disclosure statement template." Unfortunately, Turbo Tax does not have this template either. 

 

According to Turbo Tax Expert DavidS127 in this Turbo Tax link, "There is not a way to attach a statement to an e-filed tax return; a return needing an attached statement not specifically included in TurboTax must be printed and mailed with the statement."

 

 

 

 

 

 

 

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Where do you type in the IRC Section 751 disclosure?

There's no automatic way to do it in TT, but in Forms mode TT supplies a "blank" form that you can use for anything you want.  That's where I enter the Sec 751 disclosure.

 

As mentioned in the other answers, you can't efile (because the blank form isn't sent in as part of that) but at least when you print your return its included.

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**Note also, I'm not a Tax Preparer/CPA. Just a volunteer, seasoned, TurboTax user.
Use any advice accordingly!

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