2006 will be my first year filing taxes as a K-1 recipient. I have no clue how to do this. Is it something simple I can do myself? I remember someone saying you could purchase example returns but I don't remember where? Any help would be appreciated, -Guru
Do yourself a favor and hire a CPA to do your taxes. The money you spend in tax prep fees will almost always save you that much in taxes. The tax preparation fees are deductible. At the very least get yourself some decent tax-prep software such as TurboTax or TaxCut. If you are completely desperate, don't forget the IRS has instructions for every form. Most of the tax advice you get on ET will be worth exactly what you pay for it.
K-1 is a partnership distriubution. You don't put your profit and loss in Schedule D. Put the number in Schedule E (Income or loss from partnership).