K-1 Sale Schedule Question / How do i enter the information from one to the other?

[bigblue2007]

[DaveF1006]

To clarify, is this a sale of the company or of a partnership interest? You should have this information in a supplementary statement.

[nexchap]

Short answer:

Sales price and selling expense = 0

Partnership Basis = -64 and -61 (for the two columns)

Ordinary Gain = 64 and 61

1250 Gain = 24 and 24

This will get the Ord Gain and 1250 Gain to the right places.  It will NOT deal with capital gain/loss (form 8949).  You have to do this separately using columns 6 and 7.

Longer answer:  All the above, but you have a problem in that your cost basis (column 6) can not be less than 0.  At some point in the past, when it hit 0, you'd have to start handling the K-1s differently.  This is a very complicated area, and you ought to consult with a tax preparer about the best way to address past filings.

[bigblue2007]

Stock sale

[bigblue2007]

Partnership sale

[bigblue2007]

 @DaveF1006 DaveF1006 is the answer I received from @nexchap the correct answer? Thanks.