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Schedule K-1 with collectible capital gain

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!!

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1 Best answer

Accepted Solutions
DianeW777
Expert Alumni

Schedule K-1 with collectible capital gain

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
**Say "Thanks" by clicking the thumb icon in a post
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View solution in original post

3 Replies
DianeW777
Expert Alumni

Schedule K-1 with collectible capital gain

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
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

Schedule K-1 with collectible capital gain

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. 

Schedule K-1 with collectible capital gain

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.

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