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Get your taxes done using TurboTax
@Anonymous Yes. The only thing you're doing on the K-1 sales interview is making sure the Ordinary Income is reported correctly. Unfortunately, TT doesn't just ask you for this number and put it in the right place. They make you enter it as part of a sales screen, which forces you to go through the 0 (sales price) / negative number (partnership basis) gyrations.
Once that's done, you handle the actual sale in the 1099-B section, being careful to adjust your cost basis to the number that gives the correct Cap Gain/Loss
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**Note also, I'm not a Tax Preparer/CPA. Just a volunteer, seasoned, TurboTax user.
Use any advice accordingly!
**Note also, I'm not a Tax Preparer/CPA. Just a volunteer, seasoned, TurboTax user.
Use any advice accordingly!
March 16, 2022
5:54 PM