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Get your taxes done using TurboTax
@lisab5 Remember that the cost you use on the 1099-B is [purchase price]+[cumulative adj]+[Ord Income]. So in your case, it would be 1829 + -3032 + 3915 = $2,712 You'd use that in the 1099-B, and your Cap Gain / Loss will calculate correctly.
Its the K-1 where you want to make sure no Cap Gain / Loss is calculated. So on that screen, you'd use 0 for the selling price, -3915 as the Basis, and 3915 in the Ordinary Income box. That will handle the reporting of the 3915, but won't compute a Cap Gain on that screen.
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**Note also, I'm not a Tax Preparer/CPA. Just a volunteer, seasoned, TurboTax user.
Use any advice accordingly!
**Note also, I'm not a Tax Preparer/CPA. Just a volunteer, seasoned, TurboTax user.
Use any advice accordingly!
‎April 11, 2022
2:37 PM