On a final K-1 have a check box that you have already reported the sale of schedule D or elsewhere so you don’t have to create entries there. That wastes time.
What sale is reported elsewhere? The entity? Where is it reported?
If the s/h or partner sells her interest in the entity, it is not reported on the K-1 Sch D; it is reported on the 1040 Sch D.
Or am I missing something?
If you indicate that a K-1 is final, it asks for sales information, date acquired, date sold, sales price, basis. 99% of the time, this information is already entered elsewhere. Rather than have to enter dates and zeros for sales price & basis, I would like to have a block to check to indicate that the sale has been reported elsewhere so I don't have to go through this useless exercise.
You must be a registered user to add a comment. If you've already registered, sign in. Otherwise, register and sign in.