@rona11
For the 751 and 754 statements: In Forms mode, open a "blank" form. You can then type the info there.
As to recapture, you can find some good, lengthy discussions of exactly what this is on the web. But briefly, the IRS taxes different types of income at different rates. Rates can be different for long vs short term capital gains, ordinary vs qualified dividends, regular income, etc. Because of that, people play all sorts of games to try to classify their income into the lowest tax rate possible. In partnerships, with the right mechanics, it was possible to reclassify income that should be treated as regular, highly taxed, ordinary income into lower taxed capital gains. So the IRS figured that out and put in rules that forced partnerships to knock it off. Instead, after you've figured out the difference between your revenue and adjusted cost, the partnership is forced to tell you how much of the difference gets to be treated as capital gain, and how much is ordinary income. That's what the recapture line does.
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**Note also, I'm not a Tax Preparer/CPA. Just a volunteer, seasoned, TurboTax user.
Use any advice accordingly!
