Question

Schedule K1 entries in Turbo Tax Desktop Premier when disposing of all shares

Forum|Forum|2 years ago
March 13, 2024
1 reply
0 views

@Rick19744 You are the expert on turbo tax based on what I have seen so really hoping you can help me.

I sold all my shares which I have purchased over several dates - this is a resulting in gain through the 1099B i received through the brokerage, however I believe I am supposed to be able to take losses (carried over the years) through the K1 form, however not very clear on what needs to be entered in TT. I've picked ended partnership through disposition of all shares but the next screen is difficult to enter.

Firstly I did two sales transactions and the purchase dates were also different, while I can enter the term various in both, it forces the gain to be a short term gain vs what it should be long term since i held these shares for several years.

secondly not sure where the following ifromation should come from - the K1 or from the 1099B??

I wish their was better support for this but it appears you've helped with this is the past so would appreciate any help you can provide.

Rick19744

Partnership tax gets complicated very quickly and TT is developed for the masses. A few follow-up questions:

Based on the current facts, I am assuming that your K-1 reflects that the partnership is a PTP?
Since this is a flow-through entity, you should be maintaining a basis schedule of your investment. Have you been maintaining your basis schedule?
If bullet #2 is "no", then the alternative would be to use your K-1 section L as your tax basis.
Assuming that your K-1 is marked "final"?
If my assumption is correct in bullet #1, then you should only be determining the gain in one place.
- My preference is to handle this in the K-1 section, which is reflected in your facts
Does the sales price you reflect in your facts agree to the distribution reflected on your K-1?
What was the K-1 activity; ie: trade or business?

*A reminder that posts in a forum such as this do not constitute tax advice.Also keep in mind the date of replies, as tax law changes.