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pbissman9
March 26, 2020
Question

KI entering info on sale

  • March 26, 2020
  • 1 reply
  • 0 views

Using TurboTax deluxe..  K-1   Enter Sale Information page

Regular Gain or Loss.  Do I enter sale price ???

No selling expense    (none)

Is Partnership Basis the price I paid when I purchased it 9 years ago ???

Is Ordinary Gain (which is a loss) the difference of the above ???

    1 reply

    D
    DianeC958
    March 27, 2020

    Yes, you enter the sales price you received.  

     

    Your basis in the partnership is the amount you originally invested, plus income reported on the K-1s, minus losses on K-1 and distributions you received.  If you invested more money into the partnership that also adds to your basis.

     

    If you invested in the partnership more than 1 year ago, when you sell your investment is it a Long Term Capital Gain/Loss.

     

    This can be complicated to figure this information, because there may be other factors that add to your basis or reduce it.

     

    Publication 541 Partnerships Page 9

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