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Linn Co, LLC Message Board

buffet1913 2 posts  |  Last Activity: Feb 24, 2015 9:18 PM Member since: Aug 3, 2003
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  • Reply to

    Tax Question

    by cfattore Feb 12, 2015 9:40 PM
    buffet1913 buffet1913 Feb 24, 2015 9:18 PM Flag

    Where do you get that column 7 is "the sum of all your previous and current k-1's Line 1? The sales worksheet says column 7 "represents partner level adjustments to your tax basis in the partnership. For example, these adjustments would include additions to basis for distributions in excess of basis for which you have recognized income." I hope you are correct, but don't think so.

  • Reply to

    Tax Question

    by cfattore Feb 12, 2015 9:40 PM
    buffet1913 buffet1913 Feb 24, 2015 8:19 PM Flag

    I have the KMP k-1 tax package but am still struggling with turbotax. There is a place in the k-1 input section to input sale price, selling expense, partnership basis, oridinary gain and 1250 gain, but I downloaded the capital gain info from turbotax and they are showing the sale there. Where did you do your inputs?

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