@Miggy24 wrote:
I am a 1/4 owner in investment club and we received one 1099B form. How do I enter the short and long term transactions without TurboTax auto filling the line 7 info? I only want to claim my 1/4 share.
An investment club is typically set up as partnership (or multi-member LLC) and files a Form 1065, which results in each member receiving a K-1 and reporting gains/losses from that K-1 on his/her individual income tax return.
If you have one 1099-B for all of the members of the club, in whose name (and tax ID number) is the 1099? If the 1099-B was only issued to one member of the club, then that member has to report the all of the transactions on his/her income tax return as nominee and then subtract out the portion (3/4 share in this case) that belong to the other members.
