Hello nexchap,
I want to make sure I am following your suggestions. I sold all of my positions in a k-1 in 2022. on the sales scheduled there is no ordinary income and the cost basis = purchase price + cumulative adjustments to basis.
Eg:
Units Sold = xxxx
Sale Date = xxxxx
Purchase Price = 100
Cumulative Adj = 100
Cost Basis = 200
My 1099-B shows
Cost Basis = 100
Proceeds reported = 200
Gains = 100
I have an entry in box 11 C assume 100, which does impact my federal tax owed when entered. If I am following you correctly, when I go through the K-1 prompts I should enter Sale Price as 0 and Partnership Basis as 0 and all other asks as listed on form 1065, is that accurate??? Then on the 1099-B I should adjust my cost basis to 200, correct?
Thank you!
