Question

K-1 - entering sales information section

Forum|Forum|2 years ago
September 27, 2023
1 reply
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hello,

The provided K-1 has a sales schedule page that shows me the purchase price of $27k, cumulative adjustments to basis of $1k and cost basis of $28k.

In Turbotax, on the K1 section, entering the sales info page, would I enter $28k for sales price and $27k for partnership basis. Would there be other numbers to enter under selling price or ordinary gain?

Thanks!

Ask the Experts - Extension - Sept 2023

Q

quorumof1

Hi There:

It's unclear whether the partnership reports the sale for you on form K 1. If so simply enter the information per the K1, which will typically be in box 8 or 9a. However, if not on the K1, then you will report it as an investment sale with given sales price and basis. The missing information would then be acquisition and sales dates.