WHAT IS THE PRINCIPAL PAYMENT UNDER ENTER DISPOSITION PRICES 1ST BOX SALE PRICE 2ND BOX PURCHASE PRICE 3RD BOX PRINCIPLE PAYMENT?

[GiseleD]

Please advise some more details on what form/information you are trying to enter into the software. This is a public forum, so we cannot see your return or your account. 

[LUALHEDO]

I'AM WORKING ON SCHEDULE K-1 FORM 1065. MY WIFE SOLD HER BUSINESS.

[ThomasM125]

What box number are you working with on your K-1 form entry when you see that question?

[zenozen]

Hi, I have the same question. I purchased and sold a Publicly Traded Partnership and received a schedule K-1. In Turbo Tax, under the section "Enter Disposition Prices" line 3, "principal Payments". What does this Principal Payments refers to? 

I cannot find any word says "principal payments" on my schedule K-1. 

Thank you in advance,

Zenozen

[happyreading]

I have the same question. Where can I find "Principal Payments" on Schedule K-1?

[PatriciaV]

Principal payments are debt repayment that may reduce the net sales proceeds you received. If the only reduction to the sales price for your transaction was for selling expenses (commissions), then you would leave the "principal payments" box blank.

[meixiaoxiao]

What should I put in the Cost of Sale in the next screen for "Enter Disposition Information" page?  Do I enter the total cost basis or just the commission?

Thanks,

Mei

[JulieS]

Yes, the cost of sale is the commission. There should be a separate field for the basis. 

[davidzen]

If I didn't take any loan when initially purchasing the partnership, does that mean the principal payments are 0?

[PatriciaV]

Yes, if no loan was repaid with your sales proceeds, leave the principal payments box blank (or zero).