Hello Nexchap,
Just to make sure I understand you correctly, these are the columns on my Sales Schedule.
1. Units Sold
2. Sale Date
3. Sales Proceeds
4. Purchase Price / Initial Basis Amount
5. Cumulative Adjustments to Basis
6. Cost Basis
7. Gain Subject to Recapture as Ordinary Income
8. AMT Gain/Lost Adjustment
9. Percentage Long Term
10. Cumulative Adjustments to Basis
11. Gain Subject to recapture as Ordinary Income.
What field is the Sales Proceeds entered? I see Sale Price and Selling Expense in the TT form but not on the K-1 Sales Schedule. Do I leave Sale Price, Selling Expense, Partnership Basis (blank)? What about 1250 Gain?
Regular Gain or Loss
Sale Price [ ] - Leave Blank
Selling Expense [ ] - Leave Blank
Partnership Basis [ ] - Leave Blank
Ordinary Gain [ ] - 0
1250 Gain [ ] - Unsure?
AMT Gain or Loss
Partnership Basis [ ] - Leave Blank
Ordinary Gain [ ] - 0
1250 Gain [ ] - Unsure?
Sorry for all the questions! I do appreciate all your help!
