First, thank you so much for your help and reply!
I bought and sold IEP, I've entered my K-1 successfully.
It looks like I'm realizing more gains than I should be. I made ~$445 from the buying and selling of IEP, and $1000 in a payout\dividend. I'm a little confused why my cost adjustment basis (column 5) is -1207, id expect it to be -1000 for the distribution pay out. My actual gains of buying\selling are captured from the sale proceeds and my purchase price (columns 3 and 4)
Column 7, I know how to enter this in turbo tax, but I can't understand why I'd need to capture this as a gain.
It says Column 7 is: Gain Subject to recapture as Ordinary Income.
Column 7: The Instructions to Form 8949 are unclear in the determination of capital gains where the total gain of the sale of units is partially ordinary gain. Reporting this amount as a negative adjustment in column G of 8949 should generally result in the correct capital gain or loss. The amount reported as ordinary gain is qualified PTP income for Section 199A and has not been included in the amount reported on Schedule K-1, Line 20z.
The value in column 7 is 182.
Should I be reported this as an adjustment of -182 or 182. The reason I think negative is my cost basis is seemingly too high. Eg, I made $445 from the trades in Etrade, and $1000 in distribution, but my net gain is $1814. The offset being negative would at least move it pretty close to what should be my actual gains.
