Nexchap, thank you so much!
I'm sorry to ask you more about the subject, unfortunately I have a couple of ptps all with slight differences. If you could just run through what I wrote below if this was the okay to do.
- One is ETF USO, 1099 shows my shares without reverse splits, k1 shows with reverse splits, but all together same total cost. I changed the 1099 in turbotax to reflect the k1 exact.
- Another, If you have a 1099 with a cost basis slightly different say from the k1 cost basis, say a couple dollars. But k1 has all zeros in part 3 & no cumulative adjustment to basis. Only numbers shown capital contributed and withdrawn . * Which are same value.
I then changed cost basis to be exactly what's on k1 to be on 1099. Assuming Irs only sees k1 values? similar to the first question
- Another PTP, I had multiple lot purchases and sales, I treated this without dates and inputted both as "Various"
- & finally my last question, PTP Energy Transfer which has a controlling stake in companies USAC, SUN. They end up being reported under ETs k1 with each having there own part 2 {1-20}. I ended up making 3 k1s for each.
ET K1 I stated all the information on the K1 capital account analysis, and then treated this one like we did the first post with "inversing partnership basis and recapture of ordinary income" then changed 1099.
The other k1s for USAC & SUN, I wrote 0s in everything, capital account analysis and sales schedule, & only inputted numbers from part 2 {1-20}
Is this the correct approach? my apologies for the minor questions
