PLEASE!!! I need to be set free of club cafe also. It's beginning to drive me crazy. Help. I have tried. Tamarack Inv. Club
That link took me to the list of emails. No place to unsubscribe.
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On March 9, 2023, at 5:29 PM, "Diane Griffiths via bivio.com" <firstname.lastname@example.org> 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.
Thank you for all the good information here.
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