Nexchap, Thanks for all this helpful info as I struggle to get through TT for sale of PTP, which included sale of both long and short term shares. I'm using the TT Easy Step process. Many of my questions have been answered by comments and your responses. But I still have a few particulars to try to get this right. Any insight you (or others) can provide would be extremely helpful.
1. The Enter Sales Data screen: no break out of LT and ST possible. Do I just enter date the first shares were bought and then the final sale date?
2. Sale Information screen:
a. Sale price = $0?
b. Partnership basis = Box 7 on my K-1 Sales Schedule, called Gain Subject to Recapture As Ordinary Income shows 52. My K-1 number is positive, so I insert it in this box as -52?
c. Ordinary Gain: +52? The AMT number on my K-1 is 15; I simply put 15 in the TT box, or do I add 15 to the Ordinary Gain number and put 67 in that box?
d. 1250 Gain: Nothing reported in Box 9c of the K-1; should I put 0 in this box?
3. Finally, I think I am adjusting the Form 8949 Form cost basis according to this formula— Purchase Cost + **bleep** Adjustments to Basis (which in my case is a neg number) + Ordinary Gains? Since the Schedule D splits out ST and LT, do I use my percentage long term supplied in k-1 to figure the allocation to each tranche?
BTW the Purchase Price/Initial Basis Amount listed on the K-1 sales schedule is about 2K less than the 1e number on the 1099. I'm guessing I should use the K-1 number to make the above calculation.
Much appreciate you confirming/correcting my assumptions. Thanks,
