- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Get your taxes done using TurboTax
@nexchap Thank you so much for the quick response and all the explanations and answers !!! So to confirm my understanding: For question 1), I will leave the K-1 sale lot arrangement (Unified basis) as it is. I will contact Fidelity to see if they can change their side of the records to align with K-1 Sale Schedule Breakout (although this way I will end up paying some cap gain tax, instead of a loss, but that's OK). If Fidelity refuses to change, I guess it's OK as I will need to adjust the basis and calculate the proper cap gain anyway (using the methods you repeated several times on this thread), is that true? That's assuming that for the EPD sale transaction on 1099-B (cost-basis not reported to IRS), Fidelity will only report the sale proceeds (and perhaps the # of units), but not cost-basis or the gain/loss as shown on 1099-B. One minor point, I saw your discussion on 8949 Column G. When I manually input the 1099B transaction for EPD during the interview using my own calculated new basis, Column G is empty. I guess if I do the Form mode and adjust, column G will be populated. For question 2) another (related) point I just noticed is that K-1 "L" filed shows a big "Current year net loss" (about $5000, ~10% of my overall investment, btw I started with EPD in 2020), this is on top of the "withdraw & distribution". Given this, am I right that my account tax basis will reach 0 much faster (I was assuming that if the distribution rate is 10% annually, it will take 10 years for the base to go to 0)? BTW, will this $5000 "current year net loss" offset my other ordinary income (eg interests/dividends)? Thank you once again!