PLEASE READ THE POST - by
Mike9241 – At the TOP of this discussion
Level 15
February 23, 2022 11:14 PM
Specifically - .., your K-1 package will contain a supplemental schedule for computing the capital gain and ordinary income from the sale. … the broker's statement showing the cost (tax basis) is wrong. it uses your original purchase price. your actual tax basis will be different.
Specifically Regarding: "your K-1 package will contain a supplemental schedule for computing the capital gain and ordinary income from the sale"
PLEASE NOTE: There are 11 columns in the Supplemental Schedule - 4 of the 11 are related to Cost Basis.
PLUS the K1 has a “Beginning Capital Account” field – It doesn’t match the Supplemental Schedule figures
MOREOVER the Supplemental Schedule verbiage doesn't match (align) to any of the verbiage in the TurboTax entry fields
In the TurboTax fields – in which fields are which amounts entered. Does it get checked as a corrected basis?
