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@DNAmap If I understand the question, you're looking at the column on the K-1 Sales Schedule that says 'Purchase Price' (or something similar) and comparing it to what you're broker listed on the 1099-B for cost basis (even though the broker's cost basis isn't reported).  If I've got that right:

  • The K-1 info comes from your broker.  So whatever they report as 'Purchase Price' ought to match what you actually paid.  If it doesn't, you'd want to work from your own records but still probably should figure out why there's a disconnect.
  • Your broker's records of what you initially paid should also match your own.  But on the 1099-B they may be reporting a slightly adjusted cost basis.  Because they see one source of adjustments (the ROC distributions) some brokers may reduce your cost basis to reflect that.  Its not much use, since it just gives a confusing number (its not fully adjusted, but it also doesn't match your initial cost, so its confusing).  But that may be why the numbers don't match.  You can verify that by seeing if your total distributions match the disconnect.  You can also check with the broker.

Accounting for distributions is about the only reason I'd expect to see a difference.  If that doesn't explain it, its worth digging into.  It won't really effect anything on the K-1, but it will effect what you ultimately report for Cap Gain and so making sure you've got good data on that starting purchase is worthwhile.

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**Note also, I'm not a Tax Preparer/CPA. Just a volunteer, seasoned, TurboTax user.
Use any advice accordingly!