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Get your taxes done using TurboTax
@rona11 A word document will work as well as the TT blank form. The only advantage to TT is that it would be embedded in your return, rather than in a separate file. Do whatever works.
On your other question, the Recaptured Ord Income has nothing to do with your distributions. When you sold, you had some sort of profit (or loss, but I'll use profit for simplicity). Say that was $4000. With a normal stock, that $4000 would all be subject to Capital Gain tax rates. But with a partnership, that $4000 is split into 2 pieces: one piece that's taxed as a Cap Gain, and one piece that's taxed as Ordinary Income. So in your case, $3804 is going to show up on Form 4797, and your Cap Gain would only be $196.
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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 15, 2024
12:31 PM