To report a distribution in excess of your basis:
- Search for "1099b" and use the "Jump to 1099b" to enter the sale of your investment property.
- Click "Add more sales" and answer "No" to the question about if you will receive a 1099-B (wording may be a little different in TurboTax Online, e.g., "type it in myself" instead of import).
- For the "What type of investment did you sell" dropdown, choose "Everything else".
- For "how you acquired", choose "Other Method" if none of the others apply.
You distribution in excess of the basis is the net proceeds. The date of sale is the date the distribution was made. The cost basis is zero. The date of acquisition is the date your partnership interest was acquired.
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