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Get your taxes done using TurboTax
just entering data for the K1 was sufficient before. But in 2022 the partnership was liquidated and individual basis + sale gain was returned to the partners. When I indicate in TT the partnership was liquidated, I have to enter Sale details. So from your statement looks like I have to enter the Sale details including Schedule K1 so that the sale gain is taxed as the partnership does not pay taxes.
‎August 27, 2023
1:56 PM