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@Loblolly - If you're doing partial sales, then you definitely can't enter the sales info into the K-1.  If you're doing complete sales, then the above should work.  The important thing is to carefully double-check what TT actually does with the info:  does all the Ord Gain show up on Form 4797; does the correct amount of suspended losses get released to Sched E; and does the correct Cap Gain/Loss make it to Sched D.  There are a lot of ways TT can mess this up, so I've always stuck to the routine mentioned as the primary answer.  But your way can work too if certain situations.
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**Note also, I'm not a Tax Preparer/CPA. Just a volunteer, seasoned, TurboTax user.
Use any advice accordingly!