Capital gains duplication

Forum|Forum|3 years ago
November 16, 2022
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Schedule D Capitol gains duplication.

On line 10 of schedule D TurboTax calculates what the LTCG is for the property sales, which comes from form 8949. On line 11A it entered in the information from box 10 of the K-1 that I received from this same property sale. Then the form added these two numbers together, which almost doubled my capital gains for these sales. This resulted in a 9600.00 over payment of taxes on these property sales. Why is this doing this and how do I correct it?

Best answer by Mike9241

if you received a K-1 that reported the property sale, why are you separately reporting in on schedule D/8949.

you would not have receives a 1099-B for the sale since it wasn't you selling. however, if you sold the partnership/S-corp interest that's a separate reportable event but to correctly report it you need to know your tax basis which might not be properly reflected on the 1099-B. i can give you almost an absolute guarantee that if you sold your interest in a PTP (marked on the k-1 1065), the 1099-B does not reflect the correct tax basis. you should have gotten a supplemental schedule with the K-1 to calculate your tax basis