Your PTP reports Final K-1 but an IRS Form 1099-B also reports the sale of the investment. Make sure that the sale is not reported twice.
That could occur once through the K-1 screens and a second time through the 1099-B entries.
Be aware that if:
- At the screen Describe the Partnership, you report Disposed of a portion of my interest.... and
- At the screen Tell Us About Your Sale you reported Sold Partnership Interest,
the sale is being reported. You would not report the sale on IRS Form 1099-B Proceeds.
Within the K-1 entries, at the screen Describe the Partnership, you may elect This partnership ended in 2021 and No entry at the screen Describe Partnership Disposal.
In this case, you would report the sale on IRS Form 1099-B Proceeds.
Review the sale of the investment reported on IRS Form 8949 Sales and Other Dispositions of Capital Assets and IRS Form 1040 Schedule D Capital Gains and Losses.
You are able to view the entries at Tax Tools / Print Center / Print, save or preview this year's return.
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