@Mike9241
Thanks for you input.
Yes I did used Separate K1 last year for ET as it has 3 entities and 2 of these entities have Net Rental real estate income (Box 2 of K1) as well. So there are 5 K1s.
Cost Basis Formula:
My understanding is
Purchase price (Box 4) - Cumulative Adjustment to basis (Box 5) + Gain Subject to Recapture as ordinary Income = Cost basis now to report on 8949/Sch D. Is my assumption correct?
AMT Cost basis: Lets say Box 8 (AMT cost gain/loss adjustment) is -100. It will decrease cost basis or ordinary gain part by this amount for AMT cost basis box on K1?
Adjustment for Bonus Depreciation Box 10 and Box 11 on K1 sale section . I did not see where would I enter this information? or TT will ask me if this information is needed,
In Turbo Tax, K1 interview section of Enter Sale Information.
Which boxes should I enter 0 vs leave them blank ?
Selling Expense
Partnership Basis
1250 Gain
