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Business & farm
There should be a Sales Schedule included with the K-1 that guides you through calculating your costs and gains. Follow those instructions and you'll arrive at your Capital Gain/Loss, and your Ordinary Gain (for MLPs, the gains from a sale are split into 2 parts). You'll have to do this with a spreadsheet, or paper and pencil (the old fashioned way), since TT doesn't have a worksheet for this. Then see this answer on how to enter the data into TT: https://ttlc.intuit.com/questions/3760966-how-i-report-the-sale-of-mlp-shares-in-turbo-tax-i-sold-al...
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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!
‎June 3, 2019
6:46 PM