(I actually posted this question as a reply to another post. So I apologize for reposting, but I wasn't sure when/if anyone would reply to the other post.)
TurboTax Desktop Premier states that I may need to report the Property Distributions from my K-1, and continues to state I need to file this new form 7217 because this is being reported on your K-1 in Box 19, Code C-Other Property.
I do have an amount listed under code C, box 19.
However, I saw a post that stated:
- Exclusions: Do not file Form 7217 if the distribution consisted only of money or marketable securities treated as money under section 731(c).
The K-1 I received is from an LLC (I am a domestic, limited partner) that buys land, and later sells this land. I invested in this LLC by investing $ to help purchase the land. I have now received a final K-1 because the LLC has sold all of the land, the partnership no longer exists, and they sent me a check for the final distribution. Does this qualify as the exclusion since I invested $, and they have now given me $ from my "share" of the sale?
In other words, do I need to file Form 7217?
