K1 No Income - Do I need to report?

Forum|Forum|6 years ago
June 4, 2019
2 replies
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My son has dabbled in penny stock. He has two K1 forms with 0 profit, loss, captial, income, etc. Every line is zero. Do these forms need to be reported?

TurboTax Premier Online

MichaelL1

Employee

No these do not need to be reported.

std35turbo

How about loss profit, like -$20, do I need to report?

chamonix

I traded UNG in 2022 so received schedule K-1.

I held UNG position for a couple of weeks and sold with a small profit.

However, at Box 8. Net Short-Term Capital Gain/loss, zero amount. Actually all boxes in Part III are empty.

2022 Sales Schedule lists unit sold, sale date, purchase price, cost basis

Transaction schedule lists buy and sell, end of year units is 0

I am confused if I need to report the short term gain, even though it is zero in Box 8?

I called the firm sent out the report, they asked to consult with Tax pro.

HopeS

If the K-1 form does not show any income or loss and you report the gain/loss correctly on your form 1099-B entry, you might be ok excluding the K-1 from your return. However, if this is a Final K-1, you should include this in your return and indicate "Final" when prompted in the K-1 Interview.

Please review your Form 1099-B to see if it correctly reflects these sales.

@chamonix

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