I sold a partial interest in a publicly-traded partnership. These questions relate to the sales proceeds, basis, etc. I sold it for more than I paid for it, so some data will come from the broker info that I downloaded. How do I enter in the K-1 questions:
- sales price: use the proceeds from the broker's statement?
- partnership basis: use the cost basis on the K-1 sales schedule?
- gain recapture as ordinary income: the amount shown on the K-1 sales schedule also equals the Section 199 income on Box 20 of Part III; do I enter that amount in TT in both Box 20 and as the gain recapture?
- how do I handle the two amounts on the K-1 sales schedule as "adjusted for bonus depreciation" "cumulative adjustments for basis" (which is negative) and "gain recapture as ordinary income"?
- one puzzling thing is that there are two gain recapture amounts on the sales schedule which differ :box 7 and box 11. Where do we record each different gain amount?
- will these amounts automatically and accurately flow to the Forms 8949. 4797, 6251 that are mentioned on the sales schedule or will I have to adjust them?
