
Anonymous
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Get your taxes done using TurboTax
Hi nexchap. I sold my MLPs for a long-term loss even after adjusting the cost basis. When I enter the ordinary gain and AMT basis adjustment as you say and adjust my 1099-B, my Federal Balance due increases dramatically. When I go to the final Federal Review it shows the basis of partnership interest as the inverse of the ordinary gains, total gain is the ordinary gains, and the ordinary gains as the ordinary gains. To my untrained eye, my return seems to be double counting the ordinary gain. Does that sound correct?
‎June 7, 2019
4:03 PM