- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Business & farm
@guohaiyi0527 On your questions:
- Just type 'various' for both purchase and sale dates: TT only cares about this if you were going to use the K-1 interview to create a brand new 1099-B (code C or F) since it would need to know short or long term. But since you don't want a brand new 1099-B, 'various' will get you through the interview.
- In your case, 0 or blank everywhere. TT will then calculate $0 for Cap Gain/Loss (for the purposes of the K-1 interview), realize that you don't need a new 1099-B, and will be satisfied.
It seems pointless, but this is the mechanism to let TT know that you've sold/ended the partnership AND to prevent TT from creating additional 1099-Bs.
If you continue to invest in partnerships, particularly any that report Ordinary Gains at time of sale, this longer thread may be good background: https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/how-i-report-the-sale... Your situation is a simplified version of the more complex scenario that thread discusses.
**Say "Thanks" by clicking the thumb icon in a post
**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
11:53 AM