@Oldguy Did the sales schedule break those totals out by lot? Typically they do. What you provided here is fine for completing the K-1 Part 2. But to adjust the 1099-B, you need to calculate the cap gain for short term separate from long term.
But if we pretend that the short-term didn't exist, and all the Sales Schedule numbers applied to the long term, then the math is:
- Total Gain = $9502 (Proceeds) - $4205 (Basis) = $5,297
- Total Gain = 'Gain Subject to Recapture' + 'Capital Gain', so
- 'Capital Gain' = Total Gain - 'Gain Subject to Recapture'
- Capital Gain = $5,297 - $2,729 = $2,568
So on your 1099-B, you need to adjust the cost basis to produce a $2,568 gain.
- 'Cost or other basis' on the 1099-B = $9502 (Proceeds) - $2,568 (Cap Gain) = $6,934
- So that's what you'd change the 1099-B to reflect.
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**Note also, I'm not a Tax Preparer/CPA. Just a volunteer, seasoned, TurboTax user.
Use any advice accordingly!
