I know what I want to tell in house CPA right about now but the client doesn't understand the situation as usual and makes it hard. There is not a disclosed loan basis. As I wrote in my first thread I have the numbers on the K-1 and that is not much help at this point. I don't know why 16D on the k-1 would say that if it didn't mean that. She said because it is a sale the distribution would not be included in calculating the cost basis on the Sch D 1040. All she is looking at is the big picture and that is the bottom line for captial gains/losses. In which I calculate to be a gain using the numbers I do have and she is calculating a loss. Sorry confusing
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Originally posted by DONNA ASTON View Post
You first have to get to basis for the gain or loss. The distribution is needed in the basis calculation. The distribution has nothing to do with schedule D (directly), only getting to basis, which is then used on schedule D.
Don't forget that separatly reported income from the sale reported elsewhere on the 1040 will increase basis on schedule D.Last edited by BOB W; 10-14-2009, 09:09 PM.This post is for discussion purposes only and should be verified with other sources before actual use.
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Don't forget that separatly reported income from the sale reported elsewhere on the 1040 will increase basis on schedule D.This post is for discussion purposes only and should be verified with other sources before actual use.
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My brain is mush right now. Are you referencing the k-1 line nine 1231 gain?Comment
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Yes, that is one. You mentioned another also. The other choice is to reduce the Schedule D sale price.This post is for discussion purposes only and should be verified with other sources before actual use.
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