@nexchap
I'm still following this thread to get a better understanding of everything so thank you!
Based on your answer to Juke622, I'm wondering if we did the cost adjustment in the 8949
correctly.
Final K-1, PTP, All ETF stock bought and sold in 2021
Beginning and Ending Capital 0
Capital Contributed 9000
Current year net income -1000
Withdrawals and dis 8000
11 (code C): -1000
All other boxes zero or empty
Just for reminding: K-1 on TT answered as you helpfully suggested resulted in Sch K1 showing $0.00 and Contracts and Straddles showing -$1000.
This resulted in our tax refund increasing by something around $300
Sales Schedule shows Cumul Adj= -1000,
For simplicity lets assume: Buy= 6000 Sell= 5500 so Loss is 500
Since I've already benefited $300 with the K-1 form, my aim here is to make sure I don't benefit
again when doing the 8949
I use the Cuml Adj to lower the basis to 5000 so now I have a gain of 500
Is my thought process correct?
We do our 8949 with Tradelog due to a large number of trades and wash sales so we can't actually
manually adjust our cost basis but have to do it through Tradelog functions which seems to be increasing the sell price instead of decreasing the cost basis. The result is still the same it seems.
