When I enter the donation of non-public Partnership LLC shares (the partnership is a farm) I entered a donation of 10,000 shares (I owned 20,000) but there is no actual "shares" choice so I used "stock" putting in the 10,000 shares and dates of acquisition and sale.
Under Wages & Income I entered the change of my amount of shares by checking the box: "Disposed a portion of my interest in partnership in 2020". Turbotax then asks how I did that, giving 4 choices: Sold...., Abandoned......, Liquidated...., and Owner Died.....
Since none of those applied I chose "Sold..." because that is what Turbotax says to do if you are not sure of your answer. I entered the dates etc but when I get to sale price section I have two problems.
#1.... I did not sell the shares I donated them.
#2... The partnership has two parts; ordinary business income and rental income which I enter in two K-1s in Turbotax. The adjusted basis for each of these in the QBI is quite different but when combined comes to $8410 for 10,000 shares.
question: Do I use the "L" box on the K-1 form which gives the Beginning and Ending Capital account information? Since the form refers to 20,000 shares do I divide that into 2 parts for my information on 10,000 shares donated basis? Do I even use the "Enter Sale Information" section in Turbotax at all since I did not sell the shares? I know what the 10,000 shares sold for about 3 months later, which was $11,000. I purchased them in 2012 for $10,000. But the adjusted basis is $8,556 as shown in section "L" on my K-1. So my gain is different in three different ways.
One more question. What kind of documentation (ie: Schedule or form) do I need to go with this?
