Thank you so much for your input and I have few more question as thing did not go well so could you please help me here as well.
I have some additional information with final Sale of k1 I have few question regarding
Bonus Depreciation info on K1 Sales data
What to Enter in K1 Sale Data
Lets say I bought a K1
Purchase Price (2018) = $5000 (Box 4)
Sale Price (2023) = $5500 (Box 3)
Cumulative Adjustment to basis = (- $7000 ) Box 5
AMT Gain/Loss Adjustment = (-$100)
Gain subject to Recapture as ordinary income = $6000 (box 7)
Q: not sure where will I enter this?
Adjusted For Bonus Depreciation
Cumulative Adj. to Basis = (-$7000) Box 10
Gain subject to Recapture as ordinary income = $6000 Box 11
Q: What Sale and Basis to Enter in K1?
I used your method for K 1 as Same number of Ordinary Income for both Sale and Ordinary income which is $6000
Q What Basis to enter on K 1 sales data?
Regular= Purchase price –cumulative adj + ordinary gain=5000-7000+6000 =4000
AMT= 5000-7000+6000 – 100 (AMT adjustment) = 3900
It increased my sale price and my refund is decreased ( I can see on top of turbotax) but other thing TT did is,
(not complaining just mentioning)
This is what happening in FORM Mode in Form 8949
Sale = 6000
Basis = $10000 (I am assuming it is 4000 +6000)
Gain/Loss = (- 4000)
Should I enter Basis as ZERO in K1? Should it Zero for both Regular and AMT
Zero for Regular
and -100 for AMT
I just did that and Form 8949 with this K1 detail disappeared? And my refund decreased (not complaining just telling what is happening at top of TT).
