Thanks a lot for taking time describing in detail how to handle sale of K1 my this and other questions.
I have few questions as Turbo Tax seems like doing funny things already.
Q2. I have found how to correct cost basis in both interview and form mode. I think I will do it in Interview mode as Form mode are sheets and one has to enlarge size and but then don't see top of column (I want to avoid mistakes). It seems like Turbo tax list sales by Sale date both in interview and Form mode so that was easy.
I have couple of K1s. One is all LOTs short term holding periods and others all LOTs are long term.
Turbo Tax report as details provided by brokerage and in my case they use lot by lot. Lets say I have 5 lots within one k1 and Good thing is they all are either Long term or short term holding within each K1.
Ist Choice
Now lets say I calculate Cost basis form Q4 answer method you mentioned. But this is cost basis of entire lot of shares/Units. I assume I divide it by total shares to get average Unit cost and then multiply by units in each lot reported to correct its basis?
2nd Choice
Delete 4 lots and then use 5th lot as Sale price and Cost basis but then I have pick one date within 5 lots to show purchase and Sales Date. (not sure I like this one, may confuse computer data).
In K1 Interview there are 2 cost basis Regular one and AMT one (there is only small difference). Which cost basis should one to use to correct basis in 1099/Sch D interview?
