Entering K1 for limited partnership I sold during the year

Forum|Forum|1 year ago
March 13, 2025
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To avoid double charges, I believe I'm supposed to eliminate the 1099B entries that are provided by my broker. Then I'm supposed to enter the info on the K1 Sales Schedule and this is where I need help. I'm not sure how to calculate the values on the K1 Sales Schedule.

TurboTax Home & Biz Windows

PatriciaV

Employee

To report your gain/loss for this investment, go back to the Schedule K-1 entry screens and follow these steps:

Describe this Partnership; "This partnership ended in 20XX" and "Complete disposition."
Tell Us About Your Sale: "Sold Partnership interest." This allows you to report the gain/loss.
Enter Sales Dates: initial contribution date and date the investment shut down.
Enter Sale Information:
Sale Price = 0
Partnership basis = initial contribution adjusted for any activity from Schedule K-1.
The next page displays the gain/loss summary for the investment.

Form 1099-B from the brokerage should report your sales proceeds. But your adjusted basis in the partnership will be incorrect. Enter the partnership sale only in the Schedule K-1 topic.

If you need help calculating your adjusted basis, see the IRS Worksheet for Adjusting the Basis of a Partner's Interest in the Partnership.

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anniep23Author

I have spent hours trying to figure out how to do the K1 Sales Schedule. I've talked to 3 different TurbyTax people (including 1 CPA) and they don't know how to do it. 2 of them said to just enter the sales information with my 1099-B and not doing anything on my K1 about the sales stuff.

Can you reference an example of doing a K1 sales schedule. Maybe there is one that would go step thru step with it the way we need to.

Or can I enter the specifics of one of my K1s and have you show me exactly how to fill out the K1 sales schedule.

Any help would be appreciated. Ann

PatriciaV

Employee

For step-by-step help using your own information, consider upgrading to TurboTax Live. This online service provides specific guidance from a tax expert whenever you need assistance, either over the phone or by screensharing.

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