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New Member
posted Mar 4, 2023 6:12:40 AM

Final K-1 reports par value of partnership shares rather than price paid to purchase

I bought partnership shares (Masterworks art) at a price higher than par so my taxable gain (or income?) (or basis?) is different than what has been reported on the K-1.  How do I handle this in TurboTax premier? 

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1 Replies
Expert Alumni
Mar 6, 2023 12:35:46 PM

You can report the excess gain or loss as an invesment sale in TurboTax. Here are the steps:

 

 Choose the Federal option on your left menu bar

  1. Choose Wages & Income
  2. Choose the Investments and Savings (1099-B, 1099-INT, 1099-DIV, 1099-K, Crypto) option
  3. Choose Add investments
  4. Choose the Stocks, Bonds, Mutual Funds option and follow the instruction

To report additional capital gain income, enter the gain as the sale amount and enter $0 for the cost basis. To report additional capital loss, leave the sale amount as $0 and enter the loss amount as the cost basis.