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?

posted

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

Choose Wages & Income
Choose the Investments and Savings (1099-B, 1099-INT, 1099-DIV, 1099-K, Crypto) option
Choose Add investments
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.

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