reporting of line 11c on schedule k1 and sale of shares

Forum|Forum|6 years ago
March 11, 2020
1 reply
0 views

My brokerage account form 1099B that shows proceeds from share sales from a publicly traded partnership. I also show other income on my K1 from 1065 line 11 with a code C. Are the same and do I report both.

Thanks

Best answer by JamesG1

The K-1 for a publicly traded partnership is reporting section 1256 contracts and straddles in box 11 code C. Please see page two of the Partner K-1.

Does the 1099-B report the proceeds and gain or loss on the sale of that same publicly traded partnership? Or a different publicly traded partnership?

I suspect that these are two different incomes and should both be reported on your tax return.

JamesG1Answer

The K-1 for a publicly traded partnership is reporting section 1256 contracts and straddles in box 11 code C. Please see page two of the Partner K-1.

Does the 1099-B report the proceeds and gain or loss on the sale of that same publicly traded partnership? Or a different publicly traded partnership?

I suspect that these are two different incomes and should both be reported on your tax return.

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"

rickhanson1Author

Thanks

The sale transactions are from the same publicly traded company. The fidelity statement shows each sale transaction with a gain or loss on form 1099 form B. The K1 from shows a total gain as other income.

May need to have a tax advisor take a look.

Much appreciated