If there are multiple sale dates for a Schedule K-1 partnership during the year how are these entered? The TurboTax K-1 entry form allows only a single sales date.

Forum|Forum|3 years ago
March 4, 2023
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PatriciaV

Employee

Please clarify the type of investment that was sold. Was it the same type sold more than once? Or several different sales over the year? Do the sales have the same Box code? Did you receive additional information on the K-1 values/coding?

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winterhome23Author

It was the same type bought and sold at different dates in the year. There is a single K-1 form for the partnership which shows the overall beginning and ending position for the year, so the box coding on the form is the same for each transaction.

DianeW777

It depends. If the all the sales have the same holding period (see below), you can use one sales date and combine the sales into one entry using a sale date in 2022. If not, then you can combine short term sales and long term sales by entering an additional K1 or simply enter the sales under investments.

Where do I enter investment sales?

Holding Periods:

Long term is a holding period of more than one year (one year plus one day) and receives capital gain tax treatment (0%, 10%, 15%, 20% depending on your regular rate of tax)
Short term is a holding period of one year or less and receives ordinary gain tax treatment (your regular rate)

Please add additional information here if you have questions and one of our tax experts will help.

@winterhome23

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