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@JB4797 TT creates a new 1099-B, coded C or F (revenue and cost not reported to IRS) if you report any cap gain or loss in the K-1 interview.  So on your questions, in reverse order:

2) Since the objective here is to prevent a new 1099-B from being created, you have to enter values that tells TT that no CG occurred.  It calculates CG as [sales]-[basis]-[ordinary income].  So if you enter 0s for the first 2, you wind up with a cap loss being calculated and a new 1099-B.  Setting the basis to the inverse of the Ord Income fixes that.

1) You can do this ONLY if the entire sale was short or long term (can't have both) AND its a complete disposition (no partial sale).  I've just never bothered, because you have to edit the 1099-B either way and I found it easier to have a consistent process that works for all cases.  But if you do go this route, your basis would just be the basis -- no adjustment for Ord Income, since that's taken care of in the TT calc.  You would verify this by looking at the screen TT shows you immediately after entering the sale info, where it shows the CG its calculating.

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**Note also, I'm not a Tax Preparer/CPA. Just a volunteer, seasoned, TurboTax user.
Use any advice accordingly!