Two K-1 entries for Final K-1 how to enter sale/gain/loss?

The K-1 has both ordinary business income and rental income. I understand I need to input 2 separate K-1 entries, where the first entry contains everything except box 2, and second entry only box 2. I had done this in the previous years' return no problem.

 

But now this is a final K-1 and I need to check "disposed of my interest in shares" when entering each of the two entries, and I get prompted to enter the buy/sale-dates, basis, gains, etc. If I leave the second entry blank for all of these TurboTax will give a validation error when checking over my return. However I also understand I should not have double entries, so the gain/loss from my disposing my interest in this partnership is not double-counted. What should I do in this instance?

ThomasM125
Expert Alumni

Investors & landlords

You should only indicate that the K-1 is final for one of the entries, and enter your liquidation information for the one that you mark as final.

 

Next year you should delete the K-1 schedule that gets carried over when you prepare your tax return using TuboTax.

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DIT0
Returning Member

Investors & landlords

How do I make that entry?

PatriciaV
Employee Tax Expert

Investors & landlords

@DIT0  Please clarify what entry you need to make. You have posted to an old thread and the information may not be current.

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