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Get your taxes done using TurboTax
@deh2 I'll assume $10,105 is your actual purchase price, but you should verify it in your own records.
Total Gain = $5,606 - ($10,105 + -$9,376) = $4,877
Capital Gain = $4,877 - $6,052 = -$1,175
Cost Basis for your 1099-B = $5,606 - -$1,175 = $6,781
In words, the partnership gave you $9,376 in losses and distributions over the years (nearly what you put into it), so your cost basis dropped dramatically. That's why you show an overall gain on the sale of $4,877.
The overall gain of $4,877 is split between Ordinary Income of $6,052 and a Capital Gain (Loss) of -$1,175.
To get the -1,175 to show up on your 1099-B, you'd use a cost basis of $6,781
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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 19, 2021
12:29 PM
2,887 Views