What dollar amount should be reported on my tax return for
this item? There are 2 dollar amounts on the statement,
$64,384.82 club basis and $377,096.64 market value, but only
space for one amount in Turbo Tax. I would appreciate any
help you can give me. Thanks, John Randall
Peter Dunkelberger on
There should be codes associated with those numbers (A, B, C,). And did you withdraw from the club or did the club dissolve last year?
What dollar amount should be reported on my tax return for
this item? There are 2 dollar amounts on the statement,
$64,384.82 club basis and $377,096.64 market value, but only
space for one amount in Turbo Tax. I would appreciate any
help you can give me. Thanks, John Randall
ira smilovitz on
Neither of those numbers go on your personal tax return (at least not from the K-1). You need to enter the numbers from your withdrawal report on Form 8949/Schedule D. Note that the proceeds amount in 19A might be the same as the withdrawal proceeds.
What dollar amount should be reported on my tax return for
this item? There are 2 dollar amounts on the statement,
$64,384.82 club basis and $377,096.64 market value, but only
space for one amount in Turbo Tax. I would appreciate any
help you can give me. Thanks, John Randall
John Randall on
The Club dissolved last year and the stock was distributed to club members. Are you saying I would enter both numbers (club cost basis & market value) as code C- Other Property?
From: club_cafe@bivio.com <club_cafe@bivio.com> on behalf of Peter Dunkelberger via bivio.com <user*26984900001@bivio.com> Sent: Thursday, March 9, 2023 12:10 PM To: club_cafe@bivio.com <club_cafe@bivio.com> Subject: Re: [club_cafe] K-1, Box 19
There should be codes associated with those numbers (A, B, C,). And did you withdraw from the club or did the club dissolve last year?
What dollar amount should be reported on my tax return for
this item? There are 2 dollar amounts on the statement,
$64,384.82 club basis and $377,096.64 market value, but only
space for one amount in Turbo Tax. I would appreciate any
help you can give me. Thanks, John Randall
Peter Dunkelberger on
I think I would trust Ira's advice any day of the week.
The Club dissolved last year and the stock was distributed to club members. Are you saying I would enter both numbers (club cost basis & market value) as code C- Other Property?
What dollar amount should be reported on my tax return for
this item? There are 2 dollar amounts on the statement,
$64,384.82 club basis and $377,096.64 market value, but only
space for one amount in Turbo Tax. I would appreciate any
help you can give me. Thanks, John Randall
John Randall on
Ira,
I am confused by your comments. Are you saying I don't have to enter all the numbers on my K-1 into Turbo Tax? My withdrawal report shows the MV of the stock transferred to me as the $377,096.64 and
my adjusted basis in the stock transferred to me as $ 216,552.57. It also shows the club's cost basis in those shares as $64,384.82. Those are the same numbers reported on my K-1 in Box 19 designated as C. I know that when the shares transferred,
my broker received the Club's cost basis for each stock.
So going forward I assume if and when I sell those shares, I will have to adjust the cost shown by my broker 1099 up from the $64,384 to my adjusted basis of $216,553. I don't want or need to show a gain this year on Schedule D. So it comes down to what do
I report using Turbo Tax.
As a side note, may net gain for 2022 in the club was $102.54, but that was deducted from my club basis and does not report out as income in Turbo Tax. I would appreciate any guidance you can give me. Let me know if you'd like to see any pdf's of my K-1 documents.
John Randall
From: club_cafe@bivio.com <club_cafe@bivio.com> on behalf of ira smilovitz via bivio.com <user*2883400001@bivio.com> Sent: Thursday, March 9, 2023 12:58 PM To: club_cafe@bivio.com <club_cafe@bivio.com> Subject: Re: [club_cafe] K-1, Box 19
Neither of those numbers go on your personal tax return (at least not from the K-1). You need to enter the numbers from your withdrawal report on Form 8949/Schedule D. Note that the proceeds amount in 19A
might be the same as the withdrawal proceeds.
What dollar amount should be reported on my tax return for
this item? There are 2 dollar amounts on the statement,
$64,384.82 club basis and $377,096.64 market value, but only
space for one amount in Turbo Tax. I would appreciate any
help you can give me. Thanks, John Randall
Diane Griffiths on
I tried to remove myself and may have signed up again. Please remove me. If I should be able to remove myself, please tell me how.
I am confused by your comments. Are you saying I don't have to enter all the numbers on my K-1 into Turbo Tax? My withdrawal report shows the MV of the stock transferred to me as the $377,096.64 and
my adjusted basis in the stock transferred to me as $ 216,552.57. It also shows the club's cost basis in those shares as $64,384.82. Those are the same numbers reported on my K-1 in Box 19 designated as C. I know that when the shares transferred,
my broker received the Club's cost basis for each stock.
So going forward I assume if and when I sell those shares, I will have to adjust the cost shown by my broker 1099 up from the $64,384 to my adjusted basis of $216,553. I don't want or need to show a gain this year on Schedule D. So it comes down to what do
I report using Turbo Tax.
As a side note, may net gain for 2022 in the club was $102.54, but that was deducted from my club basis and does not report out as income in Turbo Tax. I would appreciate any guidance you can give me. Let me know if you'd like to see any pdf's of my K-1 documents.
Neither of those numbers go on your personal tax return (at least not from the K-1). You need to enter the numbers from your withdrawal report on Form 8949/Schedule D. Note that the proceeds amount in 19A
might be the same as the withdrawal proceeds.
What dollar amount should be reported on my tax return for
this item? There are 2 dollar amounts on the statement,
$64,384.82 club basis and $377,096.64 market value, but only
space for one amount in Turbo Tax. I would appreciate any
help you can give me. Thanks, John Randall
robert davenport on
http://www.bivio.com/club_cafe/mail. Use this link to unsubscribe.
On March 9, 2023, at 5:29 PM, "Diane Griffiths via bivio.com" <user*16729000001@bivio.com> wrote:
I tried to remove myself and may have signed up again. Please remove me. If I should be able to remove myself, please tell me how.
I am confused by your comments. Are you saying I don't have to enter all the numbers on my K-1 into Turbo Tax? My withdrawal report shows the MV of the stock transferred to me as the $377,096.64 and
my adjusted basis in the stock transferred to me as $ 216,552.57. It also shows the club's cost basis in those shares as $64,384.82. Those are the same numbers reported on my K-1 in Box 19 designated as C. I know that when the shares transferred,
my broker received the Club's cost basis for each stock.
So going forward I assume if and when I sell those shares, I will have to adjust the cost shown by my broker 1099 up from the $64,384 to my adjusted basis of $216,553. I don't want or need to show a gain this year on Schedule D. So it comes down to what do
I report using Turbo Tax.
As a side note, may net gain for 2022 in the club was $102.54, but that was deducted from my club basis and does not report out as income in Turbo Tax. I would appreciate any guidance you can give me. Let me know if you'd like to see any pdf's of my K-1 documents.
Neither of those numbers go on your personal tax return (at least not from the K-1). You need to enter the numbers from your withdrawal report on Form 8949/Schedule D. Note that the proceeds amount in 19A might be the same as the
withdrawal proceeds.
What dollar amount should be reported on my tax return for
this item? There are 2 dollar amounts on the statement,
$64,384.82 club basis and $377,096.64 market value, but only
space for one amount in Turbo Tax. I would appreciate any
help you can give me. Thanks, John Randall
Diane Griffiths on
That link took me to the list of emails. No place to unsubscribe.
I am confused by your comments. Are you saying I don't have to enter all the numbers on my K-1 into Turbo Tax? My withdrawal report shows the MV of the stock transferred to me as the $377,096.64 and
my adjusted basis in the stock transferred to me as $ 216,552.57. It also shows the club's cost basis in those shares as $64,384.82. Those are the same numbers reported on my K-1 in Box 19 designated as C. I know that when the shares transferred,
my broker received the Club's cost basis for each stock.
So going forward I assume if and when I sell those shares, I will have to adjust the cost shown by my broker 1099 up from the $64,384 to my adjusted basis of $216,553. I don't want or need to show a gain this year on Schedule D. So it comes down to what do
I report using Turbo Tax.
As a side note, may net gain for 2022 in the club was $102.54, but that was deducted from my club basis and does not report out as income in Turbo Tax. I would appreciate any guidance you can give me. Let me know if you'd like to see any pdf's of my K-1 documents.
Neither of those numbers go on your personal tax return (at least not from the K-1). You need to enter the numbers from your withdrawal report on Form 8949/Schedule D. Note that the proceeds amount in 19A might be the same as the
withdrawal proceeds.
What dollar amount should be reported on my tax return for
this item? There are 2 dollar amounts on the statement,
$64,384.82 club basis and $377,096.64 market value, but only
space for one amount in Turbo Tax. I would appreciate any
help you can give me. Thanks, John Randall
ira smilovitz on
The entry in box 19A tells you how much cash you received from the club. It does not get entered on your tax return. You need to enter the capital gain shown on the withdrawal report. Unfortunately, with many of the state partnership returns due on Wednesday, I don't have time for long explanations right now.
I am confused by your comments. Are you saying I don't have to enter all the numbers on my K-1 into Turbo Tax? My withdrawal report shows the MV of the stock transferred to me as the $377,096.64 and
my adjusted basis in the stock transferred to me as $ 216,552.57. It also shows the club's cost basis in those shares as $64,384.82. Those are the same numbers reported on my K-1 in Box 19 designated as C. I know that when the shares transferred,
my broker received the Club's cost basis for each stock.
So going forward I assume if and when I sell those shares, I will have to adjust the cost shown by my broker 1099 up from the $64,384 to my adjusted basis of $216,553. I don't want or need to show a gain this year on Schedule D. So it comes down to what do
I report using Turbo Tax.
As a side note, may net gain for 2022 in the club was $102.54, but that was deducted from my club basis and does not report out as income in Turbo Tax. I would appreciate any guidance you can give me. Let me know if you'd like to see any pdf's of my K-1 documents.
Neither of those numbers go on your personal tax return (at least not from the K-1). You need to enter the numbers from your withdrawal report on Form 8949/Schedule D. Note that the proceeds amount in 19A
might be the same as the withdrawal proceeds.
What dollar amount should be reported on my tax return for
this item? There are 2 dollar amounts on the statement,
$64,384.82 club basis and $377,096.64 market value, but only
space for one amount in Turbo Tax. I would appreciate any
help you can give me. Thanks, John Randall
John Randall on
The club withdrawal report shows $0 as the realized Gain/(Loss) on the withdrawal.
From: club_cafe@bivio.com <club_cafe@bivio.com> on behalf of ira smilovitz via bivio.com <user*2883400001@bivio.com> Sent: Friday, March 10, 2023 12:08 AM To: club_cafe@bivio.com <club_cafe@bivio.com> Subject: Re: [club_cafe] K-1, Box 19
The entry in box 19A tells you how much cash you received from the club. It does not get entered on your tax return. You need to enter the capital gain shown on the withdrawal report. Unfortunately, with
many of the state partnership returns due on Wednesday, I don't have time for long explanations right now.
I am confused by your comments. Are you saying I don't have to enter all the numbers on my K-1 into Turbo Tax? My withdrawal report shows the MV of the stock transferred to me as the $377,096.64 and
my adjusted basis in the stock transferred to me as $ 216,552.57. It also shows the club's cost basis in those shares as $64,384.82. Those are the same numbers reported on my K-1 in Box 19 designated as C. I know that when the shares transferred,
my broker received the Club's cost basis for each stock.
So going forward I assume if and when I sell those shares, I will have to adjust the cost shown by my broker 1099 up from the $64,384 to my adjusted basis of $216,553. I don't want or need to show a gain this year on Schedule D. So it comes down to what do
I report using Turbo Tax.
As a side note, may net gain for 2022 in the club was $102.54, but that was deducted from my club basis and does not report out as income in Turbo Tax. I would appreciate any guidance you can give me. Let me know if you'd like to see any pdf's of my K-1 documents.
Neither of those numbers go on your personal tax return (at least not from the K-1). You need to enter the numbers from your withdrawal report on Form 8949/Schedule D. Note that the proceeds amount in 19A might be the same as the
withdrawal proceeds.
What dollar amount should be reported on my tax return for
this item? There are 2 dollar amounts on the statement,
$64,384.82 club basis and $377,096.64 market value, but only
space for one amount in Turbo Tax. I would appreciate any
help you can give me. Thanks, John Randall
ira smilovitz on
Enter item (B) as the proceeds on Form 8949 and item (A) as the cost basis on Form 8949.
The entry in box 19A tells you how much cash you received from the club. It does not get entered on your tax return. You need to enter the capital gain shown on the withdrawal report. Unfortunately, with
many of the state partnership returns due on Wednesday, I don't have time for long explanations right now.
I am confused by your comments. Are you saying I don't have to enter all the numbers on my K-1 into Turbo Tax? My withdrawal report shows the MV of the stock transferred to me as the $377,096.64 and
my adjusted basis in the stock transferred to me as $ 216,552.57. It also shows the club's cost basis in those shares as $64,384.82. Those are the same numbers reported on my K-1 in Box 19 designated as C. I know that when the shares transferred,
my broker received the Club's cost basis for each stock.
So going forward I assume if and when I sell those shares, I will have to adjust the cost shown by my broker 1099 up from the $64,384 to my adjusted basis of $216,553. I don't want or need to show a gain this year on Schedule D. So it comes down to what do
I report using Turbo Tax.
As a side note, may net gain for 2022 in the club was $102.54, but that was deducted from my club basis and does not report out as income in Turbo Tax. I would appreciate any guidance you can give me. Let me know if you'd like to see any pdf's of my K-1 documents.
Neither of those numbers go on your personal tax return (at least not from the K-1). You need to enter the numbers from your withdrawal report on Form 8949/Schedule D. Note that the proceeds amount in 19A might be the same as the
withdrawal proceeds.
What dollar amount should be reported on my tax return for
this item? There are 2 dollar amounts on the statement,
$64,384.82 club basis and $377,096.64 market value, but only
space for one amount in Turbo Tax. I would appreciate any
help you can give me. Thanks, John Randall
John Randall on
I have the same question. How do I get out of the chain?
From: club_cafe@bivio.com <club_cafe@bivio.com> on behalf of Diane Griffiths via bivio.com <user*16729000001@bivio.com> Sent: Thursday, March 9, 2023 7:25 PM To: club_cafe@bivio.com <club_cafe@bivio.com> Subject: Re: [club_cafe] K-1, Box 19
That link took me to the list of emails. No place to unsubscribe.
I am confused by your comments. Are you saying I don't have to enter all the numbers on my K-1 into Turbo Tax? My withdrawal report shows the MV of the stock transferred to me as the $377,096.64 and
my adjusted basis in the stock transferred to me as $ 216,552.57. It also shows the club's cost basis in those shares as $64,384.82. Those are the same numbers reported on my K-1 in Box 19 designated as C. I know that when the shares transferred,
my broker received the Club's cost basis for each stock.
So going forward I assume if and when I sell those shares, I will have to adjust the cost shown by my broker 1099 up from the $64,384 to my adjusted basis of $216,553. I don't want or need to show a gain this year on Schedule D. So it comes down to what do
I report using Turbo Tax.
As a side note, may net gain for 2022 in the club was $102.54, but that was deducted from my club basis and does not report out as income in Turbo Tax. I would appreciate any guidance you can give me. Let me know if you'd like to see any pdf's of my K-1 documents.
Neither of those numbers go on your personal tax return (at least not from the K-1). You need to enter the numbers from your withdrawal report on Form 8949/Schedule D. Note that the proceeds amount in 19A might be the same as the
withdrawal proceeds.
What dollar amount should be reported on my tax return for
this item? There are 2 dollar amounts on the statement,
$64,384.82 club basis and $377,096.64 market value, but only
space for one amount in Turbo Tax. I would appreciate any
help you can give me. Thanks, John Randall