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Get your taxes done using TurboTax
This software is driving me crazy I might just go to a CPA😫 I did comparison of 3 scenarios:
1. No K-1
2."0 for sales, partnership basis set to the inverse of the Ord Income"
3."Enter 0 for sales, Enter 0 for basis"
...and this is what I get on my 1040 lines 7 and 8
My 1040 capital gain should be lower than $9,976 since the cost basis is $13,821.87 (after adjustment from the K1 sales schedule) instead of $10,640.87 from the 1099-B. For some reason I'm getting other income in amount of $7,153 (7,203-50) when I input the K-1 which comes from form 4797. Basically TT is doubling (- the amount in Box 1 from K-1 form) the capital gain I'm I right?
‎March 21, 2022
5:19 PM