Publicly Traded Partnership ordinary dividends duplicated on both 1099-div and K-1

I own a publicly traded partnership (Brookfield Property Partners - BPY) and my broker has included the ordinary dividends from this PTP on my 1099-DIV. They also reside on the K-1 as expected - so TurboTax ends up double counting the ordinary dividends.

Other PTPs that I own were excluded from the 1099-DIV total, as my broker (Interactive Brokers) said that because BPY is an international company, they can't exclude it. For example - I also own Blackstone (BX) and this stock was excluded from my 1099-DIV total.

Should I manually reduce the ordinary dividend total on my 1099-DIV? How do I not get taxed twice for this?

2112

1 Best answer

Level 6

Jul 15, 2019 10:33:57 AM

I would report both and then make a negative offset entry for the 1099DIV to offset the K1 amount.

Level 1

Jul 15, 2019 9:01:54 AM

Anybody out there with an idea?

Level 6

Jul 15, 2019 10:33:57 AM

I would report both and then make a negative offset entry for the 1099DIV to offset the K1 amount.

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Publicly Traded Partnership ordinary dividends duplicated on both 1099-div and K-1