@tksprabu You also have to account for the Ordinary Gain. If you enter 100 for sales, 100 for basis, and 40 for Ord Gain, TT is going to calculate a Cap Loss of -40. That gets you an 8949 for that Loss, plus the potential for other errors because of a bug in TT.
Note that the important thing is to prevent TT from calculating any Cap Gain/Loss in the K-1 interview. You can enter the numbers in any way that makes sense to you, as long as the end result is $0 and no new 8949.
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**Note also, I'm not a Tax Preparer/CPA. Just a volunteer, seasoned, TurboTax user.
Use any advice accordingly!
