Sold PTP, info contained on both Sch K1 and1099B. ...
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Returning Member

Sold PTP, info contained on both Sch K1 and1099B. Use Correct cost basis from Sales worksheet

Sold a public traded Partnership (PTP) and have received information on both a Schedule K1 (split up among multiple supplemental K1 for partnerships that are owned by the partnership).  I had originally already filled out the 1099B with the sale information, but didn't have cost basis at the time so I left it at zero intially.  The Schedule K1 has a sales worksheet with cost basis info that I want to use to go back and update the 1099B entry.  (I had already found a post that said if both the K1 and the 1099B have the sale info, use the 1099B but be sure the info from the K1 is contained).  Anyway, on this sales worksheet, I show multiple basis, not sure which one to use.  Column 4 (Average Purchase Price/Initial basis amount), Column 5 (Cumulative adjustments to basis), Column 6 (Average Cost Basis [Reference Form 8949 Column E]), Column 7 (Gain Subject to Recapture as ordinary income [Form 4797 Part II Line 10]), Column 8 AMD Gain/Loss adjustment [Form 6251 Line 2K]), Column 9 (Percentage long term = 100%), Columns 10 and 11 are marked as Adjusted for Bonus Depreciation and have the titles: Column 10 (Cumulative Adjustment to Basis [different number than Column 5], Column 11 (Gain Subject to recapture as ordinary income [different number than column 7]).

I assume if I am looking for cost basis, that its column 6, but having multiple columns marked as basis is a bit confusing. 

2 Replies
Employee Tax Expert

Sold PTP, info contained on both Sch K1 and1099B. Use Correct cost basis from Sales worksheet

I might suggest you calculate the basis on your own, especially if you haven't owned the investment for many years. Your basis is basically your initial investment, plus income you have recognized, plus additional money you contributed, less losses you deducted and non-taxable distributions you have received.

 

Here is an article on how to calculate basis in a partnership:

 

https://taxmap.irs.gov/taxmap2016/pubs/p541-006.htm

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Returning Member

Sold PTP, info contained on both Sch K1 and1099B. Use Correct cost basis from Sales worksheet

That would be an excellent answer for most of my investments, but not this one.  Unfortunately my wife got some stock back in the 70's or 80's from her father, and it has since done stock splits, split into multiple separate companies (this partnership was one of those splits), and since then the partnership has split into multiple sub partnerships.  Its ugly enough that having a small investment in this partnership just doesn't make enough money to make it worth having to wait till March to get the K1 published, and the hassle of hoping you entered it correctly in turbotax.  So we sold it and invested that money elsewhere, so last year for this mess.

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