Schedule K-1 (1065) overivew shows $0 Income..did I mess up? (Masterworks)
Hello!
I've completed my Schedule K-1 (Form 1065) and the overview of income shows $0 next to my K-1. I'm assuming I've done something incorrectly. Any thoughts? This is for the art investing service Masterworks which sold a piece that I was a "parnter" in (purchased "shares").
Most steps were clear, but a few I coulldn't figure out are below. Not sure if this will make any difference.
Box 11, Code A Detail for $515 (none below made sense to me, so I currently have this left blank)
-Income for loss from REMIC
-Excess Inclusion from REMIC
-Section 212 Expense from REMIC
-Other Portoflio Income (Loss) to be Reported on Schedule E, Page 2
-I have another Description item
Box 13, Code w Detail for $17 (none below made sense, so I currently have this left blank)
Early Withdrawal Penalty
Investment Interest Expense
Miscellanous Itemized Deductions
Nonpassive deductions to be reproted on schedule 3, page 2
section 754 depreciation
taxes and state income tax witheld
i have another description
describe the Partnership:
Should I be listed as "all of y investmetn in this activity is at risk"? This was selected by default..
