I am concerned over double counting on my sale of SVXY (a limited partnership) and saw discussions (older than 2023), so just want get the latest advice incase tax laws have changed . My ETF is SVXY, proshare sent me K-1 for this ETF. My broker 1099-B reported all the total proceeds 6012 and total cost basis 5416
I bought and sold within 2023, so short term gain.
My K-1 section L :
Capital contribution: 5417
Current year income : 282
Withdrawls and distributions - 5699 (this is cost basis I think)
Box 11: C 272
Box 13: C 272
Box 20 A : 12 B: 2
Q1: how to enter information
On Turbo tax desktop
Do I enter sale price using 1099B number $6012
Q2: I have efiled my federal return before I receive this K-1, 1099b SHOWS all transaction on this investments costs basis have been furnished to IRS, how do I avoid reporting double reporting on the gain of SVXY?
I saw posts by nexchap and other experts, thank you guys, please help!
Q3:I was told K-3 FORM will arrive in June. Should I file my state tax before 4/15 as if I do not have K-1 then amend returns when I receive K-3 form
Thanks so much
Ben
