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did you see the supplemental statement that was enclosed with the K-1 that gives the info for reporting the sale
capital gin
box 3 = sales price from 1099-B
box 6 + box 7 = cost bsis for capital gain. this is what needs to be reported for tax purposes. tghe 1099-B info is incorrect - it will only indicate what you originally paid.
box 7 enter on the disposition worksheet (you need to click the link for disposition and fill in info so prior passive losses are allowed) it as sales price. use basis = 0. enter ordinary gain same as box 7 (this l flow to form 4797 line 10
TT does have a good way to enter 1250 gain so what I do is enter the amount on line 9c of k-1and then go to addl info 1 use quickzoom below line 11. enter the 1250 gain in box 9c line 3 this should flow to line 10 of 1250 gain worksheet.
did you see the supplemental statement that was enclosed with the K-1 that gives the info for reporting the sale
capital gin
box 3 = sales price from 1099-B
box 6 + box 7 = cost bsis for capital gain. this is what needs to be reported for tax purposes. tghe 1099-B info is incorrect - it will only indicate what you originally paid.
box 7 enter on the disposition worksheet (you need to click the link for disposition and fill in info so prior passive losses are allowed) it as sales price. use basis = 0. enter ordinary gain same as box 7 (this l flow to form 4797 line 10
TT does have a good way to enter 1250 gain so what I do is enter the amount on line 9c of k-1and then go to addl info 1 use quickzoom below line 11. enter the 1250 gain in box 9c line 3 this should flow to line 10 of 1250 gain worksheet.
Thanks for the quick reply, just for clarification.
Partnership Basis = Box 6 + 7
Ordinary Gain = Box 7? Not sure what you mean by "you need to click the link for disposition and fill in info so prior passive losses are allowed"
1250 Gain = 9c Kinda lost on this one, but it is 0 in my k-1.
What do I put for Selling Expenses? Also wonder what to put for buy and sell dates? Bought units at various times and have two sell dates within in 2019. I'm also using the step-by-step view if that helps. Sorry for being lost, MLP and K-1s are new to me.
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