- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Investors & landlords
@Gordon3 When you filled out the K-1 interview, there's a screen where it asks about the sale. Did you enter the sale information there? Unfortunately, if you did the K-1 interview creates a 1099-B (code C or F) that will duplicate the one you received from your broker.
To fix this you'll need to amend your return. Go back and edit the K-1. On the sale screen, you'll make entries that calculate to $0 Cap Gain. Do that by:
- If you don't have any Ord Gain (Gain subject to recapture....), just enter 0 for everything.
- If you do have Ord Gain, you'll have a value for 'Regular' and a value for 'AMT'. Enter them on the appropriate line, and then for basis enter the inverse (e.g., if Ord Gain is $30, enter -$30 for basis). You still enter $0 for sales price.
Doing this will ensure that the K-1 interview doesn't create a 1099-B, allowing you to report you Cap Gain on the broker 1099-B you already entered.
**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 9, 2023
8:52 PM