Thank you in advance for your assistance. I have definitely done something wrong!
I used the TT INTERVIEW questions for ordinary gain and enter the “GAIN SUBJECT TO RECAPTURE AS ORDINARY INCOME” as the inverse ( negative amount) for regular and AMT gain.
I entered “0” for Sale Price, Selling Expense, Partnership Basis and 1250 Gain.
How do I use the K1 worksheet to determine the gain/loss? The broker 1099 shows cost of $24k and proceeds of $7k.
the K 1 shows an average cost basis of -1450 in box 6 and -$26.5k in box 5.
I had adjusted the 1099 from broker to show proceeds and cost as same amount.
After all this I get a TT comment after REVIEW stating I cannot E file because I have a “negative cost or other basis “.
any help greatly appreciated!
