topic Distributions in Box 19, Notes showing 704(c) gain and a 1245 recapture in Investors & landlords

Distributions in Box 19, Notes showing 704(c) gain and a 1245 recapture

Crazy66 — Sun, 23 Aug 2020 02:07:18 GMT

I do not know how to input data from my k-1

The distributions listed in box 19 do not change my taxes due.

The K-1 notes indicate a 704(C) gain, but I do not know where to enter that in Turbo Tax (Should be reflected on Schedule D)

The K-1 notes indicate a 1245 recapture amount but I do not know were to enter that in Turbo Tax (should end up on the 4794 form)

Any suggestions

jobu1669 — Sun, 23 Aug 2020 04:23:13 GMT

Distributions aren't going to change any taxes due. 704(c) should show on line 20 of your K1.

Crazy66 — Sun, 23 Aug 2020 23:08:07 GMT

Thanks

The accountant who prepared the K-1 showed a distribution but not 704 c gain.

Part of the distribution was a long-term gain, part was a 1245 recapture

So far, I understand they are taxed at different rates but I do not know how to get them into the Turbo Tax forms