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February 20, 2020
Question

dissolved partnership in 2018. Can't figure out how to input partial payment in 2019

  • February 20, 2020
  • 1 reply
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The husband's partnership dissolved in November 2018. He received payment of 150,000. We filed our taxes and listed it as long term capital gains since he joined the partnership in 2005. They sent him his final payment of 50,000 in 2019. Turbotax won't let me put it in since he has no cost basis to use and they won't accept the 11/01/18 sale date. I don't know how to account for this.

    1 reply

    February 20, 2020

    the husband?   strange wording.   are you a tax preparer doing the return for compensation?   the license agreement you agreed to bars a professional from using TT for preparation of a return for which they receive compensation.