Hi,
I received a K-1 marked as final and amended and see below numbers. I am little lost on calculating below section since the K-1 is marked as final.
Sale price -- not in the K-1
Sale Expense -- not in the K-1
Partnership Basis -- no supporting document in the K-1 to calculate this as well
Ordinary Gain -- not sure what to enter here
1250 gain -- I see this number as 3735 in Box 9c
Other amounts in the K-1:
Box 1: 8945 - but my distribution including the initial investment is nowhere close to this(initial investment was 2000)
Box 5 interest income: 104
Box 9c: 3735
Box 10: 11078
Box 19 A: 5490
Box 20 A: 104
Box 20 N: 54
Box L numbers:
Opening capital account: -7250
Current year net income(loss): 20321
Withdrawals and distributions: 5490
Ending capital account: 7579
I selected 'This partnership ended in 2023' and 'received amended K-1 for this partnership'
Describe partnership Disposal: Complete Disposition
What type of disposition was this: Sold partnership interest
Entered purchase and sale dates(2016 to 2023)
Can someone please help me how to enter the sale info section and anything else I need to be aware of?
Thanks
You'll need to sign in or create an account to connect with an expert.
Some comments to provide assistance:
I am going to page @Rick19744 for this question. Please check back later.
Some comments to provide assistance:
@Rick19744 thank you very much for your input. This was an active partnership and I had used TT Premier as well in the past few years to enter this K-1 information. I recall seeing negative amount in the past K-1 statements, I was told that I need to pay that as recapture since the partnership is sold for profit in 2023. I understand that I had gotten some benefit in the past but the final distribution is less than taxes paid for the 2023 year. Thanks again for your help.
Follow-up comments:
got it, thanks again for the clarification. I will calculate the numbers accordingly.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
k1taxes24
Returning Member
OvermyheadNE
Returning Member
wnholmes
New Member
larzbar01
New Member
DONUSA56
Level 2
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.