@sumita71 You have two different taxable transactions:
- The ending of the partnership: you pay tax on the gains you made comparing the value of the stock you received (on the day you received it) to the basis you had in the partnership. This would all be handled in the K-1 section of the TT interview. TT will create a 1099-B for the capital gains in this transaction.
- The sale of the stock, which is what you're broker is reporting. Your capital gain here is the difference between the stocks value when you received it and when you sold it. As long as your broker is reporting the correct cost basis on the 1099-B they sent you, you'd just report this like any other stock sale.
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**Note also, I'm not a Tax Preparer/CPA. Just a volunteer, seasoned, TurboTax user.
Use any advice accordingly!
