You'll want to use the broker's 1099-B, since they're reporting the revenue to the IRS. You simply edit the cost to the correct basis (using your K-1).
Because you're using the 1099-B for the Cap Gain, you'll want to keep this out of the K-1 interview. Do this by:
- Enter $0 for Sales Price
- Enter Ordinary Gain in the Regular and AMT columns
- Enter the inverse of Ord Gain (e.g., -100 if Ord Gain was 100) in the Basis columns for Reg and AMT
On the next screen your Regular and AMT Gain/Loss will all be zero. This keeps TT from creating a new 1099-B.
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**Note also, I'm not a Tax Preparer/CPA. Just a volunteer, seasoned, TurboTax user.
Use any advice accordingly!
