New
Add new line to 1040, Sch K-1 Ptsh Addtl Info 2; Part II; Q1 "Ck box if ptsh int was disposed of in a fully tax free transaction"
On Form 1040, when reporting a partnership interest that is gone due to a 1031 exchange at the partnership level, and when processing the final K-1, we need a "tax-free" check box on Form 1040, Sch K-1 Ptsh Addtl Info 2, Part II, Question 1.
Currently none of the choices allow us to report a fully non-taxable 1031 exchange as the reason for no longer owning the partnership interest. So please add a new choice to Question 1 in Part II ... "Check this box if the partnership interest was terminated due to a tax free transaction" and then don't require any additional information such as date acquired, date of disposition etc. Thanks
