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Business & farm
@dmhessfl2 There are problems that come up trying to enter an MLP sale into TT. Entering it into the K-1 only works in certain circumstances. Its best to use the K-1 interview ONLY for the "Gain Subject to Recapture as Ordinary Income" and the 1099-B interview to enter the Cap Gain/Loss (you have to adjust your cost basis to do that correctly). Here's a thread that explains it, and has numerous examples of the calculations: https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/how-i-report-the-sale...
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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!
March 31, 2022
5:50 PM