For reasons I do not understand, I am getting a different answer by using the TT interview process and the proposal, (as I understand it) of nexchap. My situation, in 2018 we sold 2 MLP's, complete disposal, all held Long term. The 1099B from broker had sales proceeds (correct) and cost basis (incorrect, it was not "adjusted" basis, it was original cost). We corrected the 1099B from broker (Not reported to IRS) to show zero i.e. the column showing gain/loss was 0. Then went through the interview TT interview process. This generated a new 8949. showing a gain on one and a loss on the other MLP. It also showed a positive number on form 4797. If you total them, it comes up with the gross gain/loss, i.e. the gains and losses from the new 8949 plus the gain on the 4797 equal the net gain from Sales Proceeds minus (original cost minus K1 adjusted bais). This is all done with no change from the TT interview process, using the Sales proceeds numbers from the 2 K1's.
I then followed the process outline by nexchap, i.e. adjusted the 1099 B from broker (not reported to IRS to show the gain/loss as adjusted (same numbers as the combined number arrived at in the interview process, i.e. sale proceeds minus (original cost minus K1 adjustments) which gives the same number as the total of the interview process. The sales process in the interview was 0 and used negative numbers on the ordinary gain.
This come up with a $41 higher difference in the total taxes. It is diminimus, (0.3 % of sales proceeds, but I would have expected the same answer, would I not? (Since interview is set up for complete sale of long term assets with no 1099 B from Broker.) Just curious.
