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Level 5
posted Mar 30, 2023 2:40:56 PM

How to report a capital gain from distribution exceeding my basis

I have a partnership where I received income in excess of my adjusted tax basis.  I am suppose to report the amount by which the distribution exceeded my basis as a capital gain.  In my case, it is a long term capital gain.  The gain is not reported to me on a 1099 or a k-1.  There are no proceeds and cost for this item.  How do I report this using TurboTax so the gain goes to the appropriate line on schedule D?

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1 Replies
Expert Alumni
Mar 30, 2023 3:16:01 PM

Please follow the instructions in this Community answer by Tax Expert PatriciaV to report your distribution in excess of basis.