@Valeo09 Almost.
- Correct on capital account info, but note that TT ignores this. Its just for your records.
- Correct on basis adjustment
- You wrote "$0 for partnership basis". No. If you have $43 for Ord Income, then your basis would be -$43 in the "regular" column. Typically, the Sales Schedule will include some sort of small adjustment for AMT. Let's say it shows -3. Then in the AMT column you'd have $40 for Ord Income, and -$40 for basis. Note that the AMT column only matters is you wind up paying AMT. Otherwise, you can ignore it. $0 for sales price and selling expenses is correct
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**Note also, I'm not a Tax Preparer/CPA. Just a volunteer, seasoned, TurboTax user.
Use any advice accordingly!
