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Investors & landlords
Rick,
I did have a distribution amount of 91,513 on line 19A. When I enter this as selling price (which is not the amount I received from the Partnership) it adds on to the Net 1231 Gain and then when I put the tax basis as the Cost Basis in TT I now have this large amount of gain which cannot be correct. When I enter the Net 1231 gain of 132,339 TT puts this as my gain on Schedule Form 4797 which then goes to my Schedule D. Why would I add more gain to that total?
Maybe I am not explaining this correctly.
What other information could I provide to make this clearer for some help?
‎April 8, 2022
3:01 PM