Question

Schedule D and K-1

Forum|Forum|1 year ago
March 24, 2025
1 reply
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On line 10 of my Schedule D it shows My Sale $2,000 - Cost$1,000 = Capital Gain$1,000

On line 12 of my Schedule D it shows from my K-1 Capital Gain $2,000

Capital Gains Total $3,000

It’s only a Capital Gail of $1,000. What am I doing wrong?

It sounds like you reported an asset sale (e.g. entered a 1099-B) on your personal return and also entered a K-1 that reported a capital gain of $2,000. Capital gains on Partnership Form 1065 K-1 are reported in boxes 8, 9a, 9b, & 9c. On an S-Corp 1120-S K-1 they are reported in box 7, 8a, 8b, & 8c. And for a Form 1041 K-1 they are in box 3, 4a. 4b. & 4c. Those all flow to Schedule D of your personal return. If it is the same transaction, you either enter on the business or trust/estate or on your personal return, but not both.

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