Question

Using K-1 not a 1099Bwhere do I show short term gain/loss and LT gain loss of K-1 worksheets for final disposition

Forum|Forum|2 years ago
March 29, 2024
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I am using Turbo tax K-1 for final disposition of SUNOCO and the brokerage sent me a sales worksheet with Short Term gain/loss and Long term gain/loss. Where do I enter this on the K-1 screens that pop up after you fill out the front of the basic K-1 form. If I were doing a 1099B I would know how to do this. HELP!

N

nexchap

You don't use the K-1 screens to enter the Cap Gain/Loss portion of the sale. Only use them to enter the Ord Income, setting sales price and basis so that you show all 0s on the Cap Gain screen that shows up immediately after the 'Enter Sale Information' screen.

You'll use the 1099-B supplied by the broker to adjust the cost (based on the Sales Schedule) so that you report the correct Cap Gain/Loss.

**Say "Thanks" by clicking the thumb icon in a post**Note also, I'm not a Tax Preparer/CPA. Just a volunteer, seasoned, TurboTax user. Use any advice accordingly!