Hello Nexchap,
I am a novice when filing MLP returns in TT and trying to following your steps below. I have tried to read through all the posts on this thread and the more I read, the more I get confused.
I purchased sales of the MLP back in 2011, reinvested distributions, and sold all the shares in 2021 through my brokerage. I am trying to complete the "Enter Sale Information" screen in TT using the K-1 2021 Sales Schedule from the MLP. Based on your steps below.
Step 1
What do I enter into the fields on the "Enter Sale Information" menu in TT?
Regular Gain or Loss
Sale Price [ ] - What column on Sales Schedule?
Selling Expense [ ] - What column on Sales Schedule?
Partnership Basis [ ] - What column on Sales Schedule?
Ordinary Gain [ ] - What column on Sales Schedule?
1250 Gain [ ] - What column on Sales Schedule?
AMT Gain or Loss
Partnership Basis [ ] - What column on Sales Schedule?
Ordinary Gain [ ] - What column on Sales Schedule?
1250 Gain [ ] - What column on Sales Schedule?
Step 2
What columns on the K-1 Sales Schedule should be sued to calculate the gain/loss?
I am sure I am not the only one who has questions regarding the sale of MLPs. Any help you can provide would be greatly appreciated. Thank you!
