Thanks for the quick reply. This is the last piece of the
income part of my taxes. TaxCut carried the other
information on short and long term gains and dividends into
line 5 and 12 of schedule D as partnership income for the
year. I now understand the difference.

I will enter as you described below - I really was having
trouble figuring the correct dates and descriptions.
Thanks again for the quick response.

- betty darling

IraS1@aol.com wrote:
> In a message dated 2/19/2007 5:27:07 P.M. Eastern Standard Time,
> emd9930@bivio.com writes:
> We were
> more of a social club than an investment club, so
> after 5 years investing
> about $1400 each and getting a
> return of a whopping $130 each after
> expenses, we have
> disbanded.
>
> We all got our K1s, and then a Full
> Withdrawal in Cash
> notice with the tax information.    I have
> added the K1 info
> in my usual place in TaxCut, but now I don't know what to
> do
> with the information on this second sheet.   I have
> a
> feeling the info needs to go on my Schedule D - but this
> would be a
> repeat of the K1.    If it does go onto Schedule
> D, what do I
> enter for quantity, description and dates?    I
> am very confused
> about that part.
>
>
>
>  
> You are correct, the information on the withdrawal report goes on Schedule
> D. It is not a repeat of the information on the K-1 as the K-1 reports your
> share of the club's income, etc., during its tax year. The withdrawal report
> shows your capital gain from ownership of club units. You enter the information
> as follows:
>  
> Description: [investment club name]
> Purchase Date: date you joined club
> Sale Date: date you withdrew from club
> Sales Price: Member's Cost Basis of Property Distributed (Item B on
> withdrawal report)
> Cost Basis: Adjusted tax basis as shown on the withdrawal report (Item
> A)
>  
> The difference (B-A) is your capital gain or loss. It is long term or short
> term based on the length of time you were a member of the club.
>  
> Ira Smilovitz

Thanks for the quick reply. This is the last piece of the
income part of my taxes. TaxCut carried the other
information on short and long term gains and dividends into
line 5 and 12 of schedule D as partnership income for the
year. I now understand the difference.

I will enter as you described below - I really was having
trouble figuring the correct dates and descriptions.
Thanks again for the quick response.

- betty darling

IraS1@aol.com wrote:
> In a message dated 2/19/2007 5:27:07 P.M. Eastern Standard Time,
> emd9930@bivio.com writes:
> We were
> more of a social club than an investment club, so
> after 5 years investing
> about $1400 each and getting a
> return of a whopping $130 each after
> expenses, we have
> disbanded.
>
> We all got our K1s, and then a Full
> Withdrawal in Cash
> notice with the tax information.    I have
> added the K1 info
> in my usual place in TaxCut, but now I don't know what to
> do
> with the information on this second sheet.   I have
> a
> feeling the info needs to go on my Schedule D - but this
> would be a
> repeat of the K1.    If it does go onto Schedule
> D, what do I
> enter for quantity, description and dates?    I
> am very confused
> about that part.
>
>
>
>  
> You are correct, the information on the withdrawal report goes on Schedule
> D. It is not a repeat of the information on the K-1 as the K-1 reports your
> share of the club's income, etc., during its tax year. The withdrawal report
> shows your capital gain from ownership of club units. You enter the information
> as follows:
>  
> Description: [investment club name]
> Purchase Date: date you joined club
> Sale Date: date you withdrew from club
> Sales Price: Member's Cost Basis of Property Distributed (Item B on
> withdrawal report)
> Cost Basis: Adjusted tax basis as shown on the withdrawal report (Item
> A)
>  
> The difference (B-A) is your capital gain or loss. It is long term or short
> term based on the length of time you were a member of the club.
>  
> Ira Smilovitz