Accountant-Man
Level 13
2 weeks ago
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Whenever I saw a sale of a PTP on both the K-1 and 1099, I entered both but also made an entry to zero out the 1099 entry SINCE IT WAS WRONG AS YOU STATED. The 1099 basis was the original cost.
The K-1 sale entry would correctly report any gain or loss and any recapture.
** I'm still a champion... of the world! Even without The Lounge.