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Get your taxes done using TurboTax
@Mike9241 Ah, that clarifies it. Thank you. So the adjustments as reported on the sales schedule don’t, in fact, include credit for the suspended losses. That's what I didn't know.
And entering the ordinary income recapture into the 20AB interview box in Turbotax causes it to be carried to Form 4797 and taxed as ordinary income, so I don’t need to enter this amount anywhere else, correct? So after that I just change the partnership basis on the 1099B "not reported" section to:
1099B basis = purchase price - cumulative adj. to basis + 751 ordinary gain recapture
Will keep this thread for future reference!
September 18, 2024
3:09 PM