Wolcott CPA
Level 2
09-28-2021
03:54 PM
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My client received a Form 8308 with his K-1. In a supplemental information statement it reports the amount of gain attributable to Sec 751 property. Where do I key this? Do I need to key it? Do I attach the Form 8308 to the e-file and manually key the Sec 751 gain somewhere? Or can I just ignore it? I've never seen one of these before, and when I search ProSeries for Form 8308, nothing comes up. Any help would be appreciated. 🙂
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Level 15
09-28-2021
04:14 PM
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That is reported as ordinary income on 1040 schedule 1, line 8, "other income from K1"
Wolcott CPA
Level 2
09-29-2021
09:21 AM
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Thanks!