i've entered all my K-1 information for a LP that ended last year but baffled by how to enter the Sale Information in TurboTax Premier. If I can get this done, my taxes are done.
There are 2 columns in TT Regular Gain or Loss AMT Gain or Loss
with below fields
- Sale Price
- Selling Expense
- Partnership Basis
- Ordinary Gain
- 1250 Gain
and I have no idea how to fill out based on the K-1 which gives me Sales Proceeds, Purchase Price / Initial Basis, Cumulative Adjustment to Basis, Cost Basis, Gain Subject to Recapture as Ordinary Income, AMT Gain/Loss Adjustments, Percentage Long term.
Any help is greatly appreciated!
was that a publicly traded partnership (PTP). the k-1 would be marked to that effect and the sale would be misreported on the 1099-B. the broker reports the original basis as cost which is almost always wrong.
I have this exact same question. I do have my K1 from last year and this year, however unable to figure out what numbers from my K1 map back to the specific fields in Turbo.
What should Sale Price, Selling Expense, Partnership Basis, Ordinary Gain be populated from in the K1?
Details: K1 is from a LLC partnership (real estate rental) that started in 2019 and the property was sold in 2020. Since I have indicated that the partnership closed in 2020, I see the following additional section in Turbo:
Thank you TaxationIsTheft1776 for the detailed explanation. This definitely helps clear up some of the concepts.
The K1 (1065) that I have is from an LLC which deals in residential real estate and I am a limited partner. The LLC sold the entire property and hence the sale. There is no broker involved and I do not have any corresponding 1099-B.
What this makes me believe is that the section that asks for the Sale Price and Basis information probably corresponds to 1099-B. As I proceeded further (leaving the sale information page blank), there were screens that asked me to enter the information from the various K1 boxes.
It is possible that Turbo Tax is not account for the fact that K1 need not always be accompanied with a 1099-B. Wdyt?
If you have a K-1, you need to report capital gains.
This portion of the interview is like a cap gains calculator.
If you left it blank because you don't have a 1099-B, then you should have some kind of receipt from someone in lieu of a 1099-B that shows you the sale price for the patnership. The information entered in this interview (in my experience) generates a section on your 8949 that specifically states that "basis information was not reported to the IRS on 1099-B." You don't just want to leave it blank, because you do have to report gains/losses on the 8949 someplace. You just don't want to do it twice.
The K-1 should show you your basis, adjustments, and purchasing price, no? Well then, enter the sale price from your receipt and the other info from the K-1. Then you'll get your cap gains/losses on the form 8949. You don't want to pretend that there were no such details.
FOR A VISUAL BREAKOUT OF THE SALES SCHEDULE, AND WHICH BOXES REPORT WHERE ON THE K-1 "SALES INFORMATION" SECTION, SEE ABOUT HALFWAY DOWN ON THIS THREAD. SOMEONE WAS KIND ENOUGH TO BREAK IT DOWN PICTORIALLY.: https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/how-i-report-the-sale...