MyGo2CPA
Level 1
‎10-04-2021 06:57 PM
Sale Proceeds are blank
Purchase Price Initial Basis Amt = $8,452.
Cumulative Adjustments to Basis =- $8,308.
Cost basis = $144.
Gain Subject to Recapture as Ordinary income = $5,615.
% Long Term = 94
Cumulative Adjustments to Basis = -$5170.
Gain Subject top recapture as Ordinary Income  = $8,753.
0 Cheers
Taxes-by-Rocky
Level 8
‎10-04-2021 08:05 PM

Schedule K-1 Wks-Partnerships or "K1P Addl Info 2" in Forms Bar.

P.S.  If you were looking for me to do the math for you, that's definitely not happening.  At least not without a signed engagement letter and a check.

Good luck.

Terry53029
Level 15
Level 15
‎10-05-2021 01:02 PM

You would enter 751 gain on 1040 schedule 1 other income line 15B