@Rick19744 I noticed that you have answered various questions on K-1s, so hoping you (or someone) can help me! I tried asking this question yesterday, along with photos of my forms, but nobody has answered, so I'm trying again.
Background: We received a Final K-1 because we bought and sold stock in a publicly traded company (short term capital loss for 2024). When entering this K-1, I answered the TT questions as follows:
- This is a publicly traded partnership AND This partnership ended in 2024.
- Partnership Disposal: Complete disposition
- Sold Partnership Interest
Here is my K-1, and Sales Schedule information (I hope this is legible):
I then get a screen for 'Enter Sale Information'.
My question is - How do I fill this out?
Regular Gain or Loss
Sale Price: From looking at other posts about this, it sounds like I should put 3602 here. This is equivalent to 20AB Section 751 Gain. Do I ignore K-1 Box 1 of -1964 (Ordinary business income/loss)? And what about the actual sales proceeds of this stock, which was reported on my 1099B?
Selling Expense: From other posts, this should be 0?
Partnership Basis: Should this be the sum of column 7 in the Sales Schedule (Total Adjusted Cost Basis): 56806; Another post suggested this should be 0?
Ordinary Gain: This is 3602 (Section 751 Gain) if I put 3602 as Sales Price and Selling Expense and Partnership Basis are both 0.
1250 Gain: Leave this blank? I don't see any references to 1250 Gain anywhere
AMT Gain or Loss section should be SAME as Regular Gain or Loss?
I'd appreciate any help/advice...thank you!
