Thank you for your response.
I selected 'Complete Disposition', and TurboTax is requesting more information, as you mentioned.
For 'Purchase Date', what do I put?
- The date the check (of our investment) was received? (or the date the check is written?)
- The date of the letter that confirms receipt of above check?
For 'Sale Date', what do I put?
- The date of the final check that we received?
The following page requests information about Regular Gain/Loss and AMT Gain/Loss.
You provided a link to help with filling out this information. However, when I look at those instructions, they don't make any sense with my K-1. The link you provided is for Schedule K-1 (Form 1041). I have a Schedule K-1 (Form 1065).
Is there something that can help me fill out the information that TurboTax is asking for?
When it asks for 'Sale Price', do I just enter the amount of my final check?
I have no idea what the Selling Expense, Partnership Basis, Ordinary Gain, or 1250 Gain is.
My K-1 has a couple of extra pages of information, namely Long-Term Capital Gain amount, but also has a different amount for Transferred Capital (Total other Increases/Decreases).
There are several Footnotes as well that make no sense to me and I'm not sure what to do with them:
Section 199A, Schedule K-3, and Section 163(J)
They all say "Please consult your tax advisor.", but I don't have one.
Can someone please help me?
Thank you!
