Nexchap,
If I can add this, I have a few question on the subject of ptps given my current situation. I'm following your steps exactly from other posts.
- Towards the beginning of the process , "Capital Account Information", I enter exactly what is on my K1 for opening capital, capital contributed, withdrawals and distribution and ending capital correct? Doing so wont duplicate the process of my 1099b, I just want to make sure of this?
- Fast forward take into account each sold date on the schedule, and adjust this amount in respect to the recapture of gains & cumulative adjustment to basis.
For example: $1,021 average purchase price/ initial basis amount, $43 gain subject to recapture as ordinary income, cumulative adjustment to basis $-21, AMT Gain/loss adjustment 0 . New initial basis I then changed to $1043 as initial price on 1099b.
Then sales information would then be $0 sale price, $0 selling expense, 0$ partnership basis, ordinary gain on "regular gain side" $43 & then inverse this to $-43 on "AMT side".
Please let me know if I did this correctly, there is a lot of confusion I have read from other post.
But judging by the responses you have made, you have been the only one to understand this down to the T.
Which I truly appreciate it!
