I received a final K-1 with the note at the bottom of this post. The partnership sold assets, made distributions and dissolved at the end of 2023 so this was not done via a sale.
I am not seeing any location to make these adjustments. How does Turbotax account for these? I do not see anything that makes sense in the step by step. Do I need to enter any of this directly on the forms area of Turbotax?
"THE SECTION 1231 GAIN REPORTED ON LINE 10 OF YOUR K-1 DOES NOT REFLECT YOUR INCREASED TAX BASIS AS A RESULT OF INHERITING YOUR INTEREST IN THE PARTNERSHIP. YOUR GAIN ON SALE SHOULD BE REDUCED BY $90,377 WHICH REFLECTS YOUR SHARE OF THE SECTION 743 BASIS INCREASE IN THE LAND SOLD IN 2023.
THE UNRECAPTURED GAIN REPORTED ON LINE 9C OF YOUR K-1 SHOULD BE INCREASED BY $6,108 TO REFLECT DEPRECIATION CLAIMED ON THE INCREASED BASIS.
2023 STEP UP DEPRECIATION DEDUCTION NOT REPORTED ON K-1 682."
