topic K-1 Sale Schedule Question / How do i enter the information from one to the other? in Get your taxes done using TurboTax

K-1 Sale Schedule Question / How do i enter the information from one to the other?

bigblue2007 — Mon, 09 Mar 2026 08:40:09 GMT

Re: K-1 Sale Schedule Question / How do i enter the information from one to the other?

DaveF1006 — Wed, 09 Mar 2022 17:43:30 GMT

To clarify, is this a sale of the company or of a partnership interest? You should have this information in a supplementary statement.

Re: K-1 Sale Schedule Question / How do i enter the information from one to the other?

nexchap — Wed, 09 Mar 2022 17:51:41 GMT

Short answer:

Sales price and selling expense = 0

Partnership Basis = -64 and -61 (for the two columns)

Ordinary Gain = 64 and 61

1250 Gain = 24 and 24

This will get the Ord Gain and 1250 Gain to the right places. It will NOT deal with capital gain/loss (form 8949). You have to do this separately using columns 6 and 7.

Longer answer: All the above, but you have a problem in that your cost basis (column 6) can not be less than 0. At some point in the past, when it hit 0, you'd have to start handling the K-1s differently. This is a very complicated area, and you ought to consult with a tax preparer about the best way to address past filings.

Stock sale partnership

bigblue2007 — Wed, 09 Mar 2022 18:03:57 GMT

Stock sale

Re: K-1 Sale Schedule Question / How do i enter the information from one to the other?

bigblue2007 — Wed, 09 Mar 2022 18:17:12 GMT

Partnership sale

Re: K-1 Sale Schedule Question / How do i enter the information from one to the other?

bigblue2007 — Wed, 09 Mar 2022 19:21:54 GMT

@DaveF1006 DaveF1006 is the answer I received from @nexchap the correct answer? Thanks.