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Final K-1 needs a check box to indicate that sale already reported elsewhere.

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Final K-1 needs a check box to indicate that sale already reported elsewhere.

Final K-1 needs a check box to indicate that sale already reported elsewhere.

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.

2 Comments
Level 11

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?

Level 2

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.