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Question

Called Mgmt Co that held my partnership shares that I sold. They provided my last k-1, but said no 1099b.How do I enter my loss?

Forum|Forum|3 years ago
April 6, 2023
1 reply
0 views

I have online turbo tax. After entering the final K-1 my taxes due went up. I have a substantial loss. Note: This fund does not trade in the open mkt. I purchased it from a Mgmt Co.

TurboTax Premier Online

when you get to the K-1 interview steps you. you indicate 1) final k-1; 2) you disposed of your interest; 3)sold the partnership interest; 4) purchase and sales date; 5) sales price, tax basis any ordinary income recapture reported on a supplemental schedule (there may not be any). then you'll be asked to actually enter the k-1 data.