Thank you TaxationIsTheft1776 for the detailed explanation. This definitely helps clear up some of the concepts.
The K1 (1065) that I have is from an LLC which deals in residential real estate and I am a limited partner. The LLC sold the entire property and hence the sale. There is no broker involved and I do not have any corresponding 1099-B.
What this makes me believe is that the section that asks for the Sale Price and Basis information probably corresponds to 1099-B. As I proceeded further (leaving the sale information page blank), there were screens that asked me to enter the information from the various K1 boxes.
It is possible that Turbo Tax is not account for the fact that K1 need not always be accompanied with a 1099-B. Wdyt?
