K-1 capital gain

Forum|Forum|1 year ago
March 29, 2025
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JamesG1

Are you referring to IRS Schedule K-1 (1065) or IRS Schedule K-1 (1120S)? Or something else?

Depending upon the K-1, capital gains may be reported on the form.

Or, are you reporting a sale or disposal of of the enterprise represented by the K-1? Please clarify.

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golf22Author

I', referring to K-1 Form 1041 line 4a, Long Term Capital Gain for sale of a house as part of an estate. The question is, can that gain be offset by a long term capital losses? Turbotax seems to think so, since it does not list the gain (many tens of thousands of dollars) under income in the summary; the space for income next to K-1 is left blank. Apparently I had a large enough capital loss (this year or carried over cumulatively) that meant that the tax counter for refunds or owing did not move when I put in the K-1 figure. Thanks for whatever clarification you can provide!

JamesG1

The long-term capital gain reported by the estate may be offset by the long-term capital losses reported on IRS Schedule D Capital Gains and Losses.

The estate entry is found on line 12 of IRS Schedule D Capital Gains and Losses.