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Hello Nexchap,

I have obviously done something wrong. I thought I entered everything you said correctly in the K-1 interview screen and it now shows Sale of Business Property with an amount that is the same as my Gain Subject to Recapture as Ordinary Income (column 7) on my Sales Schedule. 

Is this how the Enter Sale Information screen should be filled out?

When I go to the next screen, everything on the Review Investment Gain or Loss on Sale shows "zero" for Short-Term gain/loss and Long-Term gain/loss under both Regular Gain/Loss and AMT Gain/Loss.

Right now, TT is showing that I owe a sizable amount in taxes even though I liquidated all my shares in the MLP at a sizeable loss. How can there be a gain in column 7 that is more than the negative cost basis in column 6 and I sold all the shares at a loss?

What exactly do I adjust on the 1099-B? Maybe this could be the issue? All shares were subject to long-term capital gain/loss and all were sold at a loss.

1. Sales Proceeds (column 3) on the Sales Schedule shows (blank), but the Proceeds field on the 1099-B in TT shows an amount. Should this be blank?

2. The Cumulative Adjustments to Basis (column 5) shows a negative amount, but the Adjustment Amt in TT is (blank). Should it be populated with the amount in column 5?

I appreciate all your help!!