Distributions in excesss

[Super Mom]

Distributions in excess from a partnership is Schedule D line 12 right?

[DaveinTexas]

Not quite

Distributions in excess from a partnership is Schedule D line 12 right?

The distribution in excess will be reported as a long or short term capital gain, depending on the holding period of the partnership interest.

I usually enter "Dist in excess of basis" as the description, purchase date is the date of partnership interest purchase, sales date is the date of distribution.

The line 12 of schedule d is reserved for capital gains incurred and flowing from within the partnership, like from the sale of a capital asset within the partnership. This capital gain is only reported by the partner.

I hope that helps. Oh, also, the gain does not increase the basis of the interest in the hands of the partner.

[BHoffman]

I do the same as Dave in Taxes. Er, Texas.

[DaveinTexas]

I feel like Dave in Taxes

I do the same as Dave in Taxes. Er, Texas.

I'm up to my eyeballs in taxes

[Super Mom]

Thanks for the help will fix that now!!