jtax
Level 10

Investors & landlords

Thank you. That helps.

 

Does the K-1 usually have a box 8 entry?

 

Box 8 is your share of gains from the LP's investments during the year. That will change year to year. It has nothing to do with whether the LP distributes any cash to you, though they might. You can ask the LP to verify.

 

The 1099-B info very different. It is for your sale of the LP.  The proceeds should match the deposit in your brokerage account.

 

It is hard to know without seeing the  K-1 and the 1099 and perhaps statements, but what normally happens is you enter the K-1 info (paying tax on box 8 ) and then you enter the sale info during the interview (there will be a question asking if it is final year/and if you fully disposed of your interests.) Then you enter your basis (in your records and often on the k-1 or supplemental) and proceeds (from the 1099-B). TT will calc the gain on the LP sale (proceeds - basis) and allow any prior year passive losses that.

 

 

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