- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Get your taxes done using TurboTax
On the K-1, Ordinary Gain is 7 for both columns (since your AMT adjustment is 0), and your Partnership Basis would be -7 in both columns. That will cause the 7 Ord Gain to be processed on the K-1, but avoid any Capital Gain/Losses.
On your 1099-B, your basis is [original purchase] + [adjustments to basis = -6] + [Ord Gain = 7].
So if you bought for $100, your basis on the 1099-B would be $101.
On your 1099-B, your basis is [original purchase] + [adjustments to basis = -6] + [Ord Gain = 7].
So if you bought for $100, your basis on the 1099-B would be $101.
**Say "Thanks" by clicking the thumb icon in a post
**Note also, I'm not a Tax Preparer/CPA. Just a volunteer, seasoned, TurboTax user.
Use any advice accordingly!
**Note also, I'm not a Tax Preparer/CPA. Just a volunteer, seasoned, TurboTax user.
Use any advice accordingly!
‎June 7, 2019
4:03 PM
8,122 Views