K-1 - entering sales information section

[JudyAl]

hello,

The provided K-1 has a sales schedule page that shows me the purchase price of $27k, cumulative adjustments to basis of $1k and cost basis of $28k.

In Turbotax, on the K1 section, entering the sales info page, would I enter $28k for sales price and $27k for partnership basis.   Would there be other numbers to enter under selling price or ordinary gain?

Thanks!

[rschule1]

Hi There:

It's unclear whether the partnership reports the sale for you on form K 1. If so simply enter the information per the K1, which will typically be in box 8 or 9a. However, if not on the K1, then you will report it as an investment sale with given sales price and basis. The missing information would then be acquisition and sales dates.