abctax55
Level 15
05-11-2022
04:36 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
You can't... It's not part of the partnership return.
The excess & the 'gain' is computed AT the shareholder level - on the F 1040. A partner's basis may/or may not be the same as the capital account shown on the K-1. Outside basis can/often does exist.
edit... and that gain (if there is one... depends...) is reported via the dispositions screen (F 8949/Sch D). As I use Lacerte, I can't help with the PS specifics.
HumanKind... Be Both