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April 8, 2024
Question

Sale of publicly traded LP shares

  • April 8, 2024
  • 1 reply
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In 2021, I sold my shares in a publicly traded LP.  On my return, I didn’t think the “This partnership ended in 2021” option applied since the LP continued and I just sold my shares. I selected “Disposed of a portion of my interest in 2021” & paid the full gain. How do I get rid of  these shares on my K-1 going forward?  I was going to amend but there's no $ change. 

    1 reply

    April 8, 2024

    Are there any suspended losses associated with the K-1?  If there are, the only way to release them (and reduce your taxes) is to amend and check the "Partnership Ended" box.  If there aren't any suspended losses, you can just delete the K-1 from your current return.

    **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!