You can ignore the AMT information unless you actually have to fill out the Alternative Minimum Tax forms (TT will guide you).
When you enter the K-1 sales info, basis is 0. On the screen that follows 'Enter Sales Information', titled 'Review Investment Gain or Loss on Sale' everything should be 0. This keeps the K-1 from creating a new 8949 and messing things up.
Your 1099-B should show the 5500 sales price, and you'd adjust the basis to 4000 for a $1500 Cap Gain. Form 4797 should show the $6000 Ord Income. And Sched E should show whatever losses you've had suspended over the years you've owned the partnership.
**Say "Thanks" by clicking the thumb icon in a post
**Note also, I'm not a Tax Preparer/CPA. Just a volunteer, seasoned, TurboTax user.
Use any advice accordingly!
