I feel like I'm learning how to use Turbotax, thanks for the tips!
We bought out my partner, and he would like to show that some of the money he took out was capital. Does he need to take that as guaranteed payments for capital, of does he just state that part of it is capital when he's doing his personal taxes?
Do we need to fill out form 8594? 4797? The turbotax hints are talking about those forms. 8594 shows up on the list of forms that came up automatically.
For the k1 part III Line 20 we're using code AB for 751 Gain/Loss. Does that sound right?
Thanks,
Sarah
