@Zgolf
@Zgolf wrote:
@nexchap any chance you can clarify where the ordinary gains come from. my K1 was for UGL. it has no information on ordinary gains on the sales schedule. shows shares, date, purchase price, adjustment to basis, basis, and percentage long term. i have both long and short term gains which are also reported on the 1099B. i called turbo tax live and they told me not to fill out the K1 which just seems wrong. your method seems to make sense except i am not sure what are the ordinary gains. thank you so much
Not every partnership reports Ordinary Income at time of sale. It yours does, it will be on the Sales Schedule. If that column is missing, or is 0, you don't need to worry about it.
I have no idea why TT Live told you not to report the K-1, but since you don't have any Ordinary Gains, when the K-1 asks you about the sale you'd just enter 0 for sales and 0 for basis. Then you'd make cost basis adjustments on the 1099-B.
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**Note also, I'm not a Tax Preparer/CPA. Just a volunteer, seasoned, TurboTax user.
Use any advice accordingly!
