If the company issuing the K-1 did a 1031 exchange then it is handled on the company return not on your personal return. Why are you asking ?
@abhimani adding to the questions raised by @Critter-3 , are you suggesting the following scenario ( and please explain more on this , either way )-- that you ( singly or jointly/partnership ) owned asset ( such as residential rental property ), then created an entity ( LLC or similar ) under local state law and then did a 1031 like kind exchange ? The K-1 covers your yearly gross situation ( income, expenses, etc. etc. ) and now you need to recognize this for US tax purposes? 1031 implies the property is in the USA --yes ? We need details of the entity as it relates to you , your own tax status etc. Please
Namaste ji
pk
Thanks for the clarification question. Let me give some more details.
1. In 2020 I invested in a rental partnership 'A' through an investment firm (for which i have k1s) for both 2020 and 2021
2. in 2021 the investment firm did a 1031 rollover of the partnership 'A' to a new partnership 'B'
3. I have also received the k1 for 'B' for 2021
4. In turbo tax I have entered both the K1 (A and B for 2021).
But now I am not sure how I enter the rollover details and also how to do I enter that partnership 'a' does not exist. Also I am not sure where and how I find out the basis for A that B that got transferred as the only document that I have is the K1s
thanks in advance for all your help
OK ...
So you enter the K-1 from the A company and indicate it was a final K-1but it was not a sale. You may want to upgrade to one of the LIVE options to get one on one assistance with this unusual situation.