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Thank you for your reply,
However, I just want to make sure I am getting what you mentioned in this paragraph:
- When entering the above, this will provide an ordinary loss of the $2,254 from the K-1 items and then a short term capital loss of $965. As a result you end up in the same place ($-3,219) except for the character of the items; which is to your advantage.
This is what I entered in the Sales Information section (as you suggested):
Was I supposed to put anything into "Ordinary Gain"? (In Sales Schedule, Column 8 - Section 751 Gain, Ordinary Income shows a sum of $3602) Or do I leave it blank as shown?
If the above entries are correct, the next page in TT shows:
This shows the short term loss of $965 as you suggested. However, where can I find the "ordinary loss of $2254"?
If I continue through the TT questions, I enter all the information as shown in my K-1, and then I get to yet another screen. However, before I ask questions on that screen, I want to make sure the above is correct so far.
Also, in your next comment about making some adjustments on form 8949, do I need to go into the Forms mode of TurboTax, and make your suggested adjustments to the forms? Do I do this AFTER I finish going through all the interview questions of TT?
Thank you!
