Schedule K-1 with collectible capital gain

[MarkBond]

Hey community,

I have a K-1 from a Partnership that is reporting a capital gain (collectibles) from a sale. I've input everything and I'm not seeing the income flow onto my 1040 or onto Sch D. I have boxes 11 (A), 13 (W), 16 (there is a K-3), 19 (A) and 20 (A) checked. It SHOULD be super simple in that I invested X, it grew to Y, there are Z expenses and the net capital gain =Y-Z-X. My entire investment has been paid out in cash based on that formula. It is possible the expenses (Z) are not deductible but they are also a fairly small amount, in that case the capital gain should show as just Y-X. In any case, any ideas as to what I am inputting wrong because I see zero capital gain on my return from this K-1.

Thanks!!

[DianeW777 · Accepted solution]

You can enter the sale separately from the K1. Absolutely you can use your expenses to reduce your gain and using the steps below will populate your sale on Schedule D and Form 1040, Line 7..

In TurboTax Online or TurboTax CD/Download use the following steps.

1. Once you are in the tax return select Wages and Income > Scroll to Investment Income
2. Select Stocks, Bonds, Mutual Funds, Other > Add more sales (you may need to delete your original entry)
3. Select Other as the sales type > Continue > Enter the Description > Continue
   1. For the download version enter your sales information > Continue > Select the checkbox next to Proceeds from collectibles
   2. For the online version in the top dropdown selection choose 
4. Continue to enter your sale

[Mike9241]

collectible gains by the partnership should have been reported on lines 9a and 9b of the k-1. 9b is just a subcategory for 9a. 

[MarkBond]

Thanks - this worked for me! The entity held assets of a foreign corporation which is why (I think) the income was reported on line 11 not line 9.