Hi Jason, thanks for the work... On the K-1 form, line 8, which shows short-term net capital gains, on which line is transferred to the 1040Nr form. The case is a domestic LLC that obtained profits from the purchase and sale of shares in stock market, and they partners are non-resident aliens. I understand from everything I have read and followed videos that they do not pay taxes on that profit, but I do not understand how to fill out the 1040NR form please, I appreciate your answer.
Are K-1 line 19 distributions taxed "on their own"? It seems like they should only be taxable to the extent that they exceed the capital contributed (Sec L). I don't see how the cost basis comes into play. It's like buying stock for $1000, selling it for $1200 and paying tax on the full $1200, even though the gain is only $200. Confused. thx
A partner's capital account reconciliation would be increased by the amount of cash contributed during the year and then decreased by the allocation of the losses to that partner.
There is alot of information in this video, but there is a huge hole for info online about this. That is a partnership that lost money, it changes a whole lot of things, and they still have to file and dont have the $ most likely to pay for a accountant. I know you have a video saying people like that NEED to file
Hi Jason, How do you report from K1 Box 20 Code B - Investment Expense for Tax within 1040. Do we report that in Form 4292 and carry it down to Line 9 in Schedule A to itemize that deduction? Please advise.
For an updated 2023 version of Schedule K-1: ruclips.net/video/o_ZdEFw2ryU/видео.html
This is the video that helped it click. Thank you
Very informative! Would be great if you could make a video for specifically how to enter the 1065 into Turbtax, especially for small investor.
We will add it to the list of tutorials! Thanks for watching!
This is such a helpful video! Thanks for making it 🙂
Hi Jason, thanks for the work...
On the K-1 form, line 8, which shows short-term net capital gains, on which line is transferred to the 1040Nr form. The case is a domestic LLC that obtained profits from the purchase and sale of shares in stock market, and they partners are non-resident aliens.
I understand from everything I have read and followed videos that they do not pay taxes on that profit, but I do not understand how to fill out the 1040NR form
please, I appreciate your answer.
Hi Jason, can you please do a tutorial video on Schedule K-2 & K-3? Thanks!
Yes! We are working on some K-2 and K-3 videos.
Are K-1 line 19 distributions taxed "on their own"? It seems like they should only be taxable to the extent that they exceed the capital contributed (Sec L). I don't see how the cost basis comes into play. It's like buying stock for $1000, selling it for $1200 and paying tax on the full $1200, even though the gain is only $200. Confused. thx
So what about line 14A and 14C? Does 14C gets passed onto the 1040 and reported for the year?
That’s exactly what I was looking for in the video 😐
Hi Jason! How do you calculate ending capital if there were no withdrawals and the business is in loss?
A partner's capital account reconciliation would be increased by the amount of cash contributed during the year and then decreased by the allocation of the losses to that partner.
There is alot of information in this video, but there is a huge hole for info online about this. That is a partnership that lost money, it changes a whole lot of things, and they still have to file and dont have the $ most likely to pay for a accountant. I know you have a video saying people like that NEED to file
Where can I get a pdf of these sample returns so I can study?
Hi Jason, How do you report from K1 Box 20 Code B - Investment Expense for Tax within 1040. Do we report that in Form 4292 and carry it down to Line 9 in Schedule A to itemize that deduction? Please advise.
Pretty sure you meant FORM 4952..!
GRacias excelente explicación
Glad it was helpful!