To report the K-1 in TurboTax, you go to
- Wages & Income
- Business Items
- Schedule K-1
As you go through the screens, TurboTax you will see a screen titled Describe the Partnership, pick the 4th option, Disposed of a portion of my interest in the partnership during 2019.
The next screen asks you more information about the sale.
You report the date you originally purchased your interest and the date you sold your interest.
Then the program asks about the sales price and other information to do with the sale.
The difference between your basis in the partnership and the amount you sold it for is Long Term Capital Gain/Loss, if you held the investment for more than 1 year, or Short Term Capital Gain/Loss if you held the investment less than 1 year.
@fsab
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