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Oil & Gas K-1, 20Z, Qualified PTP Item Reporting, Ordinary Income on sale of interests

Forum|Forum|4 years ago
April 3, 2022
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Where does "Ordinary Income on sale of interests" go during the interview? I reach the page "We need some more information about your 199A income" where I can fill out "Ordinary business income" and "Section 1231 Gain" that I see in the 20Z notes regarding Qualified PTP Item Reporting, but the closest box that matches is "Total Ordinary Form 4797 Gain/loss included above."

Thanks.

K-1

Best answer by AliciaP1

This amount may be identified on your K-1 in box 11 with code I, but it may not be specifically identified there. Since it is showing on your Statement A like this, the correct box to enter it under is the "Total ordinary Form 4797 gain/loss included above". This will allow you to take any losses associated with the interests either in the current year or future years as applicable.

AliciaP1Answer

This amount may be identified on your K-1 in box 11 with code I, but it may not be specifically identified there. Since it is showing on your Statement A like this, the correct box to enter it under is the "Total ordinary Form 4797 gain/loss included above". This will allow you to take any losses associated with the interests either in the current year or future years as applicable.

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