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kawishiwi
Returning Member

K1 disposition - Turbotax not allowing short and long term gains

My spouse has a 1065 K1 for an organization that was dissolved in 2024. This K1 has long and short term capital gains. When I go through the easy step, Turbotax asks for the purchase and sale date. The purchase date occurred over monthly installments over a ten year period, so I input "various". After putting in the sale price and basis, Turbotax calculates our gains, labeling them all as short-term gains, which is incorrect.

 

After some sleuthing, it looks like the gains determination is based on the purchase date. If I put in a purchase date longer than a year before sale date, it will make all gains long term; shorter than a year, all gains will be short term. 

 

I it possible to force turbotax's "K1P Addl Info 2" worksheet to accept user input for both long and short term gains (those fields are locked to me).

 

Please advise, thank you!

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