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Business & farm
To clarify a couple things before things get more confused:
- 'Withdrawals and Distributions' in Section L does not have anything to do with the proceeds received from a sale. It will match the basis of any shares sold, plus any distributions received from the partnership. The only place that the actual revenue from a sale would show up is on the 1099-B. So the $173k shown on the 1099-B is unrelated to the 'Withdrawal and Distribution' line.
- Since the $160,250 shows up on the Schwab K-1 as Capital Contributed, and also shows up on the Schwab 1099-B as 'Cost Basis' for the complete distribution, its safe to assume that any Robinhood activity isn't reflected here.
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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, 2021
8:51 AM
3,952 Views