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Investors & landlords
Agree. See the same. TT mentions only once and recommends the K-1 in the above link.....
"Yes, you should enter the sale information only once. Your best option would be to enter the information only under the Schedule K-1 section. This allows TurboTax to use your historical basis and release any passive losses that may have been carried forward." ….. The sale needs to be reported only once. This is very common with these interests in the partnerships (K-1 and 1099B).
I personally like to report it only in the K-1 section as my basis information is also there.
IRS is aware of the multiple reporting of these sales and will look for it in the matching program to prevent you from getting a letter from them.
Answered by TurboTaxMichaelL1 to this question
"Yes, you should enter the sale information only once. Your best option would be to enter the information only under the Schedule K-1 section. This allows TurboTax to use your historical basis and release any passive losses that may have been carried forward." ….. The sale needs to be reported only once. This is very common with these interests in the partnerships (K-1 and 1099B).
I personally like to report it only in the K-1 section as my basis information is also there.
IRS is aware of the multiple reporting of these sales and will look for it in the matching program to prevent you from getting a letter from them.
Answered by TurboTaxMichaelL1 to this question
June 1, 2019
8:54 AM