Entering K1 for limited partnership I sold during the year

[anniep23]

To avoid double charges, I believe I'm supposed to eliminate the 1099B entries that are provided by my broker. Then I'm supposed to enter the info on the K1 Sales Schedule and this is where I need help.  I'm not sure how to calculate the values on the K1 Sales Schedule.

[PatriciaV]

To report your gain/loss for this investment, go back to the Schedule K-1 entry screens and follow these steps:

1. Describe this Partnership; "This partnership ended in 20XX" and "Complete disposition."
2. Tell Us About Your Sale: "Sold Partnership interest." This allows you to report the gain/loss.
3. Enter Sales Dates: initial contribution date and date the investment shut down.
4. Enter Sale Information:
      Sale Price = 0
      Partnership basis = initial contribution adjusted for any activity from Schedule K-1. 
5. The next page displays the gain/loss summary for the investment.

Form 1099-B from the brokerage should report your sales proceeds. But your adjusted basis in the partnership will be incorrect. Enter the partnership sale only in the Schedule K-1 topic.

If you need help calculating your adjusted basis, see the IRS Worksheet for Adjusting the Basis of a Partner's Interest in the Partnership.

[anniep23]

I have spent hours trying to figure out how to do the K1 Sales Schedule.  I've talked to 3 different TurbyTax people (including 1 CPA) and they don't know how to do it.  2 of them said to just enter the sales information with my 1099-B and not doing anything on my K1 about the sales stuff.

Can you reference an example of doing a K1 sales schedule.  Maybe there is one that would go step thru step with it the way we need to.

Or can I enter the specifics of one of my K1s and have you show me exactly how to fill out the K1 sales schedule.

Any help would be appreciated.  Ann

[PatriciaV]

For step-by-step help using your own information, consider upgrading to TurboTax Live. This online service provides specific guidance from a tax expert whenever you need assistance, either over the phone or by screensharing.