@Snobigdeal Using some actual numbers, if your Ordinary Income is $2000, and you have an AMT adjustment of -50, you'd enter $2000 and $1950 for Ordinary Income. You'd enter 0 for Sale Price and Selling Expense. You'd enter -2000 and -1950 for Partnership Basis. When you get to the next screen in the interview, you'd see 0 for Cap Gain. And if you look at form 4797, you'd see the $2000 that's supposed to be there. That's it for the K-1.
For the 1099-B, you have to adjust your cost. Since Sales Schedules aren't standardized, I'm not sure what box 5 and 6 are, but you bought for $24k. The Sales Schedule should show a Cumulative Adjustments entry. Let's say that's -$5000. Then your cost basis is now $19000. BUT, you have to adjust for the $2000 Ord Income, so you'd add that to the $19000 and use $21000 as your cost basis.
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**Note also, I'm not a Tax Preparer/CPA. Just a volunteer, seasoned, TurboTax user.
Use any advice accordingly!
