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Get your taxes done using TurboTax
Not only do you need to enter all the K-1 data (probably broken into 4-5 K-1s, since ET reports 3 different entities and a couple have box 1 and 2 income), but you need to be careful in how you handle the sale info:
- The K-1 interview will have a screen to enter the sale data, but that can result in double-counting the cap gain. You want to only use this screen for handling the Ordinary Income reported on the Sales Schedule ("Gain subject to recapture....").
- The cap gain gets handled on the 1099-B interview. But you have to adjust the cost basis on that screen.
There's more detail, and a ton of examples, in this thread: https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/how-i-report-the-sale...
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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!
‎April 6, 2022
12:07 PM