K-1 shows: Purchase amount $20,000. Cumulative Adjustments to basis $ 14,000
Cost basis $6,000.
Fidelity 1099B shows cost basis of $20,000
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the basis of the investment in the PTP is adjusted each year by income, deductions, and distributions. The brokers do not normally see the annual Schedules K-1 and do not have the information to adjust the cost basis in the client's account records so rely on the k-1 for the adjusted basis in reporting.
NOTE: Make sure that if you enter via the broker 1099 and then the k-1 and it feeds to the capital gains as it should, that you did not report this twice. I normally stick with the 1099 for the sale and adjust the basis and only enter the rest of the k-1 data, not the sale.
the basis of the investment in the PTP is adjusted each year by income, deductions, and distributions. The brokers do not normally see the annual Schedules K-1 and do not have the information to adjust the cost basis in the client's account records so rely on the k-1 for the adjusted basis in reporting.
NOTE: Make sure that if you enter via the broker 1099 and then the k-1 and it feeds to the capital gains as it should, that you did not report this twice. I normally stick with the 1099 for the sale and adjust the basis and only enter the rest of the k-1 data, not the sale.
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