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@Anonymous -- if you're referring to the example @Oldguy provided, where the K-1 just lists that 96% is long-term, I'd treat 96% of the basis adjustments, and 96% of the Ord Gain, as long term and 4% as short-term. Then the Cap Gain can be figured separately, using the actual sales proceeds from the short term lots and the long term lots
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**Note also, I'm not a Tax Preparer/CPA. Just a volunteer, seasoned, TurboTax user.
Use any advice accordingly!
**Note also, I'm not a Tax Preparer/CPA. Just a volunteer, seasoned, TurboTax user.
Use any advice accordingly!
‎April 12, 2020
2:02 PM