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joyce3255
New Member

k-1gain subject to recapture as ordinary income

where does gain subject to recapture as ordinary income go on the K-1 for final dispositon of stocks for SUNOCO LP in turbo tax?

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k-1gain subject to recapture as ordinary income

it's used in three places.

 

1) in the disposition section of the K-1. you would use the amount as sales price and enter the same amount on the line for ordinary gain. 

 

2) this would increase your tax basis in the PTP. you would use the supplemental sales schedule adding the  recapture to come up with your adjusted tax basis for reporting in the stock sale section of Turbotax.       (Brokers only report original cost but that's incorrect because of the partnership activity that increases or decreases your tax basis)  

 

3) this is additional income for the QBI /199A deduction 

 

 

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