K-1 Ownership Interests sold in 2016 but only received K-1 from 2015

amydianet — Sat, 01 Jun 2019 06:54:22 GMT

I sold my ownership interests in a K-1 on February 16, 2106 but was told 2015 would be my final K1. Where/how do I report the sales of my ownership interests? Should I have reported the sale in 2015 even though the sale was not effective until 2016?

Yes, you may report this sale on your current tax return....

PatriciaV — Sat, 01 Jun 2019 06:54:23 GMT

Yes, you may report this sale on your current tax return. Enter this under Wages & Income >> Investment Income.

While you might have reported the investment as disposed of in the year of the final K-1, since you actually sold the investment in the following year, you should report the sale in the year it occurred.

Choose Federal Taxes >> Wages & Income, then I’ll Choose What I Work On.
Investment Income >> Stocks, Mutual Funds >> Start/Update.
Type of Investment: Everything Else
Enter a description, Net Proceeds of sale, and date of sale
Acquired: whatever method fits
Cost Basis: your net investment as of the date of the sale
Note: The capital account reconciliation on the K-1 is not necessarily your book value for the investment. You should have separate records of investment, distributions, allocated income/loss, etc. to determine your basis on the date of the sale.
Date of Acquisition: the first date you contributed to the partnership

topic K-1 Ownership Interests sold in 2016 but only received K-1 from 2015 in Deductions & credits

K-1 Ownership Interests sold in 2016 but only received K-1 from 2015

Yes, you may report this sale on your current tax return....