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Employee
April 12, 2025
Question

PTP k-1 when sell PTP interests

  • April 12, 2025
  • 1 reply
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I sold my PTP partnership interest in 2024. To enter the sale, I believe that I input the sale price as 0, the partnership basis as cost basis plus cumulative basis adjustments, and ordinary income to match what I enter as the partnership basis. Correct? 

 

In addition to Box 20, how do you enter these amounts in TT and then record these Sales Schedule amounts:

 

Part III, Box 20

AB Section 751 Gain/(Loss): 409

AG Gross Receipts: 89

ZZ1 Gross profits: 39

ZZ6 Partner basis items and remedial items for section 163: -44

ZZ7 Partnership disposition gain/(loss) for section 163: -91

 

Sales Schedule

Cumulative adjustments to basis: -439

Cost Basis: 205

Gain Recapture as Ordinary Income: 409

AMT Gain/(Loss) Adjustment: -45

Bonus Depreciation Adjustments to Basis: -431

Bonus Depreciation Adjustments for Gain Recapture: 401

    1 reply

    PatriciaV
    Employee
    April 13, 2025

    To report the sale of PTP shares, you will need both Form 1099-B and Schedule K-1 Supplemental Information. This article provides a step-by-step process for this entry: How do I report the sale of Publicly Traded Partnerships (PTPs) or Master Limited Partnerships (MLPs) in TurboTax?

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