It it a final K-1 and taxpayer has a negative ending basis. Withdrawls/distributions exceeded basis.
So where in Lacerte do I enter this income and how?
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There's no such thing as negative basis. You can have a negative tax basis capital account.
Distributions in excess of basis are reported on Schedule D/Form 8949 as a capital gain transaction.
Yes, I understand that. So is there a place in theK-1 screen to make it flow over to Sch D? If not, then what would I do in the Disposition screen? And what do I put for description?
Thanks.
You must do this manually in Dispositions. Description would be the name of the Entity. This is a 2=basis not reported on 1099-B
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