@Mike9241 thanks for your help with all my mlp questions in the past, including the one above. I'm still a little unclear on one point. Your method for entering PTP sales in Turbotax is:
1) Use interview for ordinary gain only
2) Adjusted 1099-B Basis = purchase price - basis adjustment + ordinary gain
Straightforward enough. What about passive activity loss carryforwards, though? Turbotax imports these along with last year's return. However, if the cumulative adjustment to basis shown on the sales schedule includes passive activity losses carried over from prior years, shouldn't I delete them from Turbotax so as to not double count them? Or, alternatively, subtract them from the adjusted basis I sub into the 1099-B?
Thanks again.
‎September 17, 2024
9:46 AM
