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Entering gains/losses from MLP

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Level 2

Client has distributions from a MLP that exceed his capital in the partnership. He has passive losses accumulated from previous years, and he also has enough outside basis to offset the capital gains. I am unsure of where to enter the "transaction" in ProSeries. He did not have any sales in 2019.

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2 Replies 2
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Level 12

You first asked this other question: https://proconnect.intuit.com/community/proseries-discussions/discussion/calculating-outside-basis-i...

Which states you were attempting to compute outside basis.

Here, in this what might be a Duplicate, you state there is enough outside basis. If that is true, please update your first question's topic to explain you figured it out, so that the volunteers don't spend time trying to help you with something you no longer need help with.

And if these are the Same subject, you don't need more than one topic to get help from your peers, so if this one which is 6 minutes newer, is the only one you need help with, it would be nice to note that in your first topic. And from now on, you can keep one topic on the subject rolling as a discussion, to keep it all in one place. That makes it easier for your peers uses to see what has gone on so far and to be helpful. Thanks.

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Level 2

Client has more than one MLP. One has capital account of $0 and the other still has a positive capital account, enough to cover the distributions.

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