DianeW777
Expert Alumni

Get your taxes done using TurboTax

Yes, the sales price is from your 1099-B.  The cost basis to use is the amount from Box 6 if it is different than on Form 1099-B. This assumes the partnership has a more accurate cost basis than the financial agent issuing the 1099-B.

 

Yes, if you have an amount in Box 7, then this is the amount of recapture that must be  reported as ordinary income.

If you have an amount in Box 8, this should be used as an adjustment to the regular gain (plus or minus depending on whether it is a positive number or a negative number) to arrive at the total AMT gain. 

 

The partnership basis could be different for AMT, so make sure the gain is accurately reflected based on the information provided and if necessary adjust the basis by the same amount to arrive at the correct AMT gain.

 

@stevew7 

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