I sold my PTP partnership interest in 2024. To enter the sale, I believe that I input the sale price as 0, the partnership basis as cost basis plus cumulative basis adjustments, and ordinary income to match what I enter as the partnership basis. Correct?
In addition to Box 20, how do you enter these amounts in TT and then record these Sales Schedule amounts:
Part III, Box 20
AB Section 751 Gain/(Loss): 409
AG Gross Receipts: 89
ZZ1 Gross profits: 39
ZZ6 Partner basis items and remedial items for section 163: -44
ZZ7 Partnership disposition gain/(loss) for section 163: -91
Sales Schedule
Cumulative adjustments to basis: -439
Cost Basis: 205
Gain Recapture as Ordinary Income: 409
AMT Gain/(Loss) Adjustment: -45
Bonus Depreciation Adjustments to Basis: -431
Bonus Depreciation Adjustments for Gain Recapture: 401
