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Client sold his share of an LLC. Long-term passive gain is recognized.
I entered the transaction directly using the Capital gain/loss worksheet, but I can't come up with the code for the transaction to be recognized as a passive long-term gain.
Any thoughts? Thanks in advance for any help!
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What software are you using?
Usually there is a way to link it to a K-1 activity.
The more I know the more I don’t know.
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Pro Series Basic
Gain is shown as a note in Box 20 (the amount is correct as it's the net of the selling price and the reduction of the shareholder's capital account)
Thanks for your help!
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@jhbvtacpa wrote:
I entered the transaction directly using the Capital gain/loss worksheet,
Don't enter it there.
On the K-1 worksheet, above line 1 there is a "Quickzoom" button about dispositions. Click that and enter the sales information there.
