Open TurboTax

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Announcements
Your taxes, your way. Get expert help or do it yourself. >> Get started
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

cancel
Showing results for 
Search instead for 
Did you mean: 
awmuth
New Member

If the sale of an LP interest is captured in a brokerage 1099-B, do I still fill out the K-1 sale info or does that double-count gains/losses?

I purchased an interest in NRP through Etrade in 2013.  This year, I sold my interest and took a loss.  The K-1 portion of TurboTax asks me about my sale and cost basis but my Etrade 1099-B already has captured the information.  Additionally, my K-1 from NRP doesn't even include the information TurboTax requests and tells me to "consult your tax professional" to fill out additional forms and get more info.

1 Reply
MichaelL1
Level 15

If the sale of an LP interest is captured in a brokerage 1099-B, do I still fill out the K-1 sale info or does that double-count gains/losses?

If you already reported the sale on a 1099B and you have the basis entered there correctly, do not enter the sale again in the K-1 section.

You are correct, it would be duplicated.  

About Community

Learn about taxes, budgeting, saving, borrowing, reducing debt, investing, and planning for retirement.

3.48m
Members

2.6m
Discussions

Manage cookies
v