@nexchap Here is my K1 situation comparing federal and state taxes situation.
for state taxes - 82 ( cost basis) - 6 ( cumulative adjustment to basis from k1 sales schedule) + 5 ( ordinary gain from sales schedule)= 81 is my adjusted basis for the state ( NY).
For federal taxes - my basis is the same . 82 ( cost basis) -8 ( cumulative adjustment to basis), + ordinary gain 7 = 81 ( adjusted basis for the federal taxes). As you can see the cumulative adjustment to basis and ordinary gain are different in federal and state taxes but they lead to the same final adjusted basis for both federal and state taxes.
Since the final sale price ( per the brokerage ) - this adjusted basis is the profit. So thats the same for both state and Federal taxes. Do you think anything extra needs to be done for the state taxes as that profit in the federal taxes should have flowed to NY taxes as well and accounted for in the state taxes. Any thoughts? Thanks.
