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Get your taxes done using TurboTax
@BigBear3 If you look at the forms TT actually generate, the K-1 isn't in them. All the IRS sees from your return is the taxable items on the K-1, so no: they won't know how you handle the entry. The big reason to get a "disposition" right is when it allows suspended losses to be released. Until that happens, the K-1 entries simply populate other forms (if they impact taxes in the current year) or get suspended towards future years.
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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!
‎April 3, 2023
11:29 AM