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Get your taxes done using TurboTax
All suspended losses will be released if you select "This partnership ended in 2023", "Complete Disposition", "Liquidated Partnership Interest".
If the proceeds from the partnership are all reported on the K-1 itself, then entering the information will get it taxed appropriately and you can uses 0's on the "Enter Sale Information" screen. Otherwise, you'd enter the Sale Price and Basis to have TT create the Capital Gain entries.
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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 4, 2024
10:10 AM