Turbotax Delux Desktop Federal: Form 4797 Part I says "From K-1" for the Description. But the gain shown doesn't match the 1231 gain on my K-1's. Pl help me understand.

[Mike9241]

you might have had a 1231 loss carryforward. Only the net carries to the 4797

switch to forms mode and review the k-1 worksheet,

[lrambabu1]

Sorry, getting back to this now, as I need to finish my taxes before my next trip.

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@Mike9241 wrote:

you might have had a 1231 loss carryforward. Only the net carries to the 4797

switch to forms mode and review the k-1 worksheet,

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Actually the number on 4797 part 1, $9,859, seems to be the total of allowed losses from all of my k-1's.

Why is that same number shown as a gain on 4797 instead?

[qofmiwok]

I think if you look closely you'll see that whenever you have a useable loss, they show the equivalent amount of gain for it to offset.  That amount of gain is then subtracted off your original gain to get your net gain.  

[Mike9241]

there should be a page 3 to form 8582 where you should see where the 4797 gain is coming from.