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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
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- Sale of publicly traded partnership units
Sale of publicly traded partnership units
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regina1
Level 3
07-02-2020
07:31 AM
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Where is the best place to data enter the disposition of publicly traded partnerships or is it manual. There are adjustments for 4797 and AMT and none of the sales modules look like they are meant to handle partnership sales like that, but just in case...
update: I think I found it under business sales subject to recapture.
update 2: nope I think I have to go manual with it. Maybe it's because I'm only in 2016 and it gets better. I'm not thrilled with the documentation methods for searching.
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Accountant-Man
Level 13
07-04-2020
01:37 PM
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I use the additional k1 worksheet that appears when I check the Final box on the k1.
HOPEFULLY, you have all the data you need on the k1.
If the PTP was sold through a brokerage, you also have the sales proceeds on the 1099B, but then it is entered twice(and incorrectly from the 1099B). Then I enter a fake reversal on Sch D so its gain or loss is not double-counted.
** I'm still a champion... of the world! Even without The Lounge.
regina1
Level 3
07-04-2020
03:05 PM
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That's what I'm experiencing and it's helpful. The problem now is that one of the PTPs is not final and I don't want the losses freed up due to that. I did eventually find that page in the 2016 module and I'm sure hoping there were some enhancements after that year. I can't tell you how much time the PTPs waste since it's not the software I've spent ages using. They could use development in this area.
