Rizziello66 - Thanks for the explanation, but in trying to follow it, I have some questions.
My situation: In a Bypass Trust (a complex trust for which you use TurboTax Business), I sold all shares of a MLP. Some were short term and some long.
I've taken the K-1 sent to me by the MLP and divided their 2019 Sales Schedule into the short and long. They tell me 94% of my sales were long, which is correct.
1. But when I allocate the "Cumulative Adjustment to Cost (their column #5) into the short and long shares, and then add this to the actual cost (as listed on my 1099B, which is correct), the total cost basis is a negative. TT will not accept a cost less than zero. What do I do about this?
2. You say to "Use the K-1 interview for the 'ordinary gain' portion of the MLP sale, but not the capital gain/loss". If you mean I should go to the K-1 interview under "Income: Business Investment and Estate/Trust Income", there is no place to report a sale of the MLP. This is reported under "Investment Income, Form 1099-B".
3. I tried to go into Form 8949 and override the blank info in column (f) and (g), but TT will not allow me to enter anything in these columns.
In short, I have made up an Excel spreadsheet with all the info for the MLP's K-1 2019 sales schedule but I can't figure out how to get this info into TurboTax.
I will appreciate any help you can provide and would be happy to give you my telephone number if you would like to talk. Thank you.
