Hello Rick,
Came across your detailed response above - it's very enlightening!. I have a slightly different query, but on similar lines. Would you mind please helping me?
Details: K1 is from a LLC partnership (real estate rental) that started in 2019 and the property was sold in 2020. Since I have indicated that the partnership closed in 2020, I see the following additional section in Turbo:
'Enter Sale Information'.
Although I filled out the fields that were specific to the boxes 2 through 20 in a later section, the above seems to be an additional step with the the following fields:
1. Sale Price
2. Selling Expense
3. Partnership Basis
4. Ordinary Gain.
Could you suggest what numbers from my K1 map back to the specific fields in Turbo stated above?
(https://ttlc.intuit.com/community/taxes/discussion/re-k-1-form-1065-how-do-i-enter-the-sale-informat...)
