topic K1 partnership.LLC. I'm a limited partner (g) domestic partner (h).I did not contribute property with a built-in gain or loss.I was given shares of stock.report? in Business & farm

K1 partnership.LLC. I'm a limited partner (g) domestic partner (h).I did not contribute property with a built-in gain or loss.I was given shares of stock.report?

harv777 — Tue, 04 Jun 2019 20:07:37 GMT

I was given shares of stock in my company. I'm considered a limited partner (g) domestic partner (h) according to the K1. Partner's share of profit, loss, and capital all read VAR ( I believe value at risk). did not contribute property with a built-in gain or loss ( according to M).

How do I report this in turbotax?

The shares refer to the legal structure, but for taxes al...

AmandaR1 — Tue, 04 Jun 2019 20:07:40 GMT

The shares refer to the legal structure, but for taxes all you need to do is enter your schedule K-1. When you sell your shares or shares pay you dividends, you may get other tax forms, such form 1099-DIV.

Typically your capital contributed is the only value at risk in your LLC. To enter in TurboTax while in your return, type schedule K-1 in the top right search box and select the first 'jump to' link.

If you have a more specific question, please comment it below.

My K-1 has block M (contribution of property..) checked "...

GoIrish49 — Tue, 04 Jun 2019 20:07:41 GMT

My K-1 has block M (contribution of property..) checked "No". Does this mean that in TurboTax Premier, I should leave the box unchecked in the section for Describing the Partnership: All My Investment is at Risk..