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Get your taxes done using TurboTax
@zombi12 What contradictory information are you seeing? You avoid the double taxation by:
- Report your cap gain on your 1099-B. You do this by adjusting the cost basis. If you have Ord Gain (Gain subject to recapture) reported on your Sales Schedule, then your basis is 3013+the Ord Gain. If not, its just 3013
- Report everything else on the K-1. In the sales section, if you don't have Ord Gain you just enter 0 for sales and 0 for basis. If you do have Ord Gain, you enter it in the sales section (2 values, one regular and one AMT), 0 for sales, and the inverse of the Ord Gain as basis (e.g. if Ord Gain was 100 and 94, you'd enter -100 and -94).
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**Note also, I'm not a Tax Preparer/CPA. Just a volunteer, seasoned, TurboTax user.
Use any advice accordingly!
**Note also, I'm not a Tax Preparer/CPA. Just a volunteer, seasoned, TurboTax user.
Use any advice accordingly!
March 31, 2023
1:24 PM