@nexchap
I've been trying to follow all of your conversations to survive this K-1 business. Thank you for providing guidance. I'm looking to adjust my 1099-B, as you stated it is easier to consistently offset everything there.... but my total loss is fairly large on the issued 1099-B, and my K-1 values are negatives for the cumulative adjustments to basis and cost basis. Will following the process you suggest still work and balance out that I already had a big loss.
K-1 has Purchase price as 1829
Cumulative Adjustment -3032
Cost -1203
Gain sub to recapture 3915
AMT -65
If the 1099-B reports total gain/loss as negative.... do I want to get rid of that ? I guess I have been reading in the thread about making everything balance out Zero since the K-1 and 1099-B are double reporting, but what to do when the 1099-B has negative.
I'm just about to pull out my hair, and I appreciate any suggestions.
Thank you!
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