DaveF1006
Expert Alumni

Get your taxes done using TurboTax

You would report the K1 exactly the way it is prepared from the 1065. Reporting partnership basis is not critical at this K1 stage but was important when you reported the sale of the liquidation of your property when you prepared your 1065.

 

As far as your Turbo Tax Deluxe entries go, when you reach a screen that says Describe the Partnership, indicate it ended in 2020. The next screen will state Describe Partnership Disposal, check disposition was not via of a sale. The next screen will ask for purchase date and sale date, leave these blank unless you get an error message in the end and then you can enter the dates when you purchased the partnership interest and when it was sold (disposed). 

 

Now the only thing that concerns me is if you reported the liquidation of your property in the 1065 because the information would have been passed through on your K1 to report on your individual return.

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